Slice the loaf of bread in 1 inch thick slices. Let the slices dry out until the next day.
Place the milk, cinnamon sticks and orange peel in a saucepan and bring to a slow boil. Remove from the heat source. Add 1/2 cup sugar and stir to dissolve. Let the flavored milk cool down.
Beat the eggs. Heat the oil in a medium size skillet. Working in batches (depending on how many slices will fit in the skillet), dip the bread slices in the milk and let them soak in it for several seconds. Then dip them in the beaten egg, covering both sides. Fry the bread slices in the hot (not smoking) oil, about 1minute per side or until golden. Remove from the skillet and place on a paper towel lined plate. Let them cool down.
Place 1/2 cup sugar in a shallow bowl and mix in the ground cinnamon. One by one, dip the torrijas in the sugary mixture, making sure all sides are covered.
Serve immediatly (preferred) with your coffee or hot chocolate.
Notes
Torrijas can be a 2-day recipe: slice the bread loaf and let the slices dry out until the next day
The quantity of olive oil for frying depends on the size of the skillet you use: bread should be submerged up to about half its thickness in the oil