In a medium saucepan, combine the whole milk, cinnamon stick, lemon peel, and 1/4 cup of sugar. Heat over medium until just boiling, then remove from heat and let steep for 10 minutes to infuse the flavors.

Arrange the bread slices in a single layer in a shallow baking dish. Strain the warm infused milk over the bread, ensuring each slice is completely submerged, and let soak for 5 minutes until fully saturated but not falling apart.

Whisk the eggs in a shallow bowl until smooth. In a separate small bowl, combine the remaining 1/4 cup of sugar and the ground cinnamon to create the dusting mixture.

Heat the olive oil in a large skillet over medium-high heat until hot but not smoking. Carefully lift a soaked bread slice, gently dip it into the beaten eggs to coat both sides, and place it directly into the hot oil.

Fry the bread slices in batches for 2 to 3 minutes per side until they turn beautifully golden brown and crispy on the edges. Transfer the fried torrijas to a paper towel-lined plate to drain excess oil.

Immediately dredge the warm torrijas in the cinnamon-sugar mixture to coat both sides evenly. Serve warm or at room temperature, optionally drizzled with a touch of honey for extra sweetness.