Pour the milk into a small saucepan. Add sugar, cinnamon stick, and lemon peel.
Heat on low until warm and fragrant. Do not boil. Turn off heat and remove cinnamon and peel.
Place bread slices in a shallow dish. Pour warm milk over them.
Let each slice soak about 20 seconds per side. The bread should be soft but not falling apart.
Beat the eggs in another bowl.
Carefully dip each soaked bread slice into the egg, coating both sides.
Heat oil in a wide pan over medium heat.
Fry the bread until golden, about 2 minutes per side.
Remove and place on paper towels to drain.
Mix sugar and cinnamon in a bowl.
Roll the warm rabanadas in the cinnamon sugar.
Serve warm. Add honey or syrup if you like.