COMBINE water, evaporated milk, corn meal and salt in medium saucepan. Cook over medium heat, stirring occasionally, for 10 to 12 minutes or until mixture reaches a boil. Reduce heat to low. Cook, stirring frequently, for 6 to 8 minutes or until mixture is thick and smooth. Remove from heat.
STIR in 1/4 cup syrup and butter. Spoon into serving bowls; top with remaining syrup. Sprinkle with raisins. Serve immediately.