In a large mixing bowl, combine the eggs, granulated sugar, 1 teaspoon of the cinnamon, vanilla, nutmeg, and salt, and whisk to dissolve the sugar. Add the milk and cream and whisk to combine.
Place 4 slices of the bread in the bowl with the batter and let sit until well moistened, 30 seconds to 1 minute.
In a large nonstick skillet, heat half of the oil and melt half of the butter over medium heat.
Carefully transfer the 4 soaked bread slices to the hot pan and cook until golden brown, about 3 minutes per side, turning once. Transfer to a warm plate and cover with aluminum foil to keep warm. Repeat with the remaining ingredients.
In a small mixing bowl, combine the remaining teaspoon of cinnamon with the confectioners' sugar.
To serve, divide the Torrijas among 2 to 4 plates. Dust with the cinnamon-sugar and serve with syrup, if desired.
Yield: 4 servings