Cut the load of bread into 8 slices, about 3.5-centimetres thick. (You can also use pre-sliced bread.) Remove the crusts from each slice. Spread the peanut butter over 4 slices of bread, then add the remaining slices on top and press down.
Whisk the eggs, sugar, milk, cinnamon, vanilla and pinch of salt together in a shallow dish. Heat a frying pan over medium heat, then pour in the oil.
Briefly dunk the bread in the egg mixture, turning to coat both sides. Shake off any excess, then add to the frying pan for about 3 to 4 minutes. Flip over and repeat until golden.
Remove from the oil, and place on a plate lined with a paper towel. To serve, drizzle with condensed milk or powdered sugar.
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