Using a paring knife, cut a horizontal slit in each bread slice to form a pocket. In a bowl, blend jam and cream cheese. Spoon 1 tablespoon mixture into each pocket.
In a shallow bowl, whisk together eggs, milk, and cinnamon until combined. In a large nonstick skillet, melt 1 tablespoon butter over medium-low heat. Lay half the bread slices in egg mixture, letting them soak 5 seconds on each side.
Place slices in skillet; cook until golden brown, 3 to 4 minutes per side. Repeat with remaining bread, adding more butter to skillet if needed. If desired, serve French toast with syrup and bacon.