To begin, slice the bread into thick pieces, about 1.5 inches each, and set aside. In a large mixing bowl, whisk together the milk, eggs, sugar, vanilla extract, and ground cinnamon until well combined. Ensure the sugar is fully dissolved, creating a smooth mixture.
Place the bread slices into the milk mixture, ensuring they are fully submerged. Allow them to soak for about 10 minutes, flipping occasionally to evenly absorb the liquid. The bread should be moist but not falling apart.
While the bread is soaking, prepare the syrup. In a medium saucepan, combine the water, panela or brown sugar, cinnamon sticks, cloves, and orange zest. Bring to a gentle boil over medium heat, stirring occasionally until the sugar dissolves completely. Reduce the heat to low and simmer for 10-15 minutes, allowing the flavours to meld. Remove from heat and strain to remove the spices.
Heat a large skillet over medium heat and add the butter or oil. Once the butter melts and begins to foam, carefully remove one slice of bread from the milk mixture, letting excess drip off, and place it in the skillet. Repeat for the remaining slices, working in batches if necessary.
Fry the bread slices until golden brown on both sides, approximately 3-4 minutes per side. Use a spatula to gently flip them, ensuring they remain intact. Transfer cooked slices to a plate lined with paper towels to absorb excess oil.
Preheat your oven to 350°F (175°C). Arrange the fried bread slices in a single layer in an oven safe dish. Pour the warm syrup evenly over the bread, ensuring every piece is well coated.
Cover the dish with aluminium foil and bake for 15 minutes to allow the syrup to further penetrate the bread, creating a rich, custardy texture. Remove the foil and bake for an additional 5 minutes for a slightly caramelized top.
Remove from the oven and let the Torrejas cool slightly. Serve warm, drizzled with extra syrup from the dish. Garnish with a sprinkle of ground cinnamon or a dollop of whipped cream for added richness. Pair with a cup of coffee or horchata for a truly authentic Salvadoran experience.