In a medium saucepan, combine the milk, cinnamon stick, lemon peel, and 1/4 cup of sugar. Warm over medium heat until the milk begins to steam, but avoid boiling. This infusion step adds traditional aromas to the milk. Remove from heat and let it cool to room temperature.

Strain the milk mixture to remove the cinnamon stick and lemon peel, preserving only the infused milk. Pour the milk into a shallow dish for easy dipping. This will ensure an even soaking of each bread slice.

In another shallow dish, whisk the eggs until fully beaten and smooth. Set aside next to the milk dish, creating an assembly line for the bread. This will simplify the dipping process.

Heat the olive oil in a large skillet over medium heat. The oil should be hot but not smoking, around 350°F (175°C). This temperature ensures the torrijas will fry evenly and achieve a golden crust.

Take each slice of bread and dip it into the milk mixture, allowing it to soak for a few seconds until saturated but not falling apart. Gently lift and allow excess milk to drip off.

Dip the soaked bread slice into the beaten eggs, coating both sides. This egg coating will create the signature custard like texture of torrijas. Repeat with all the slices, ensuring each is ready to fry.

Carefully place each slice into the hot skillet, frying for 2-3 minutes on each side, until golden brown and crispy. Work in batches if needed to avoid overcrowding the pan. Once fried, place on paper towels to absorb excess oil.

For a traditional touch, sprinkle each torrija with a mix of sugar and ground cinnamon while still warm. Serve drizzled with honey or syrup, if desired. Enjoy the torrijas warm or at room temperature with a cup of coffee or tea for an authentic Spanish experience.