Beat eggs and milk in a shallow dish until blended.
Soak 1 bread slice at a time in egg mixture, turning once; dip each slice into peanuts to coat both sides.
Coat a large non-stick skillet with cooking spray; heat over medium heat until hot. Place 2 bread slices in skillet. Cook over medium to medium-low heat until golden and no visible liquid egg remains, 2 to 3 minutes per side. Adjust heat as necessary so that peanuts do not burn.
Wipe skillet clean with paper towel. Repeat to cook remaining bread slices.
Sprinkle with powdered sugar; serve with spreadable fruit, fresh fruit or fruit syrup.
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