Place evaporated milk and 1/4 cup of cinnamon-sugar in a medium saucepan and bring to a low simmer over medium heat, whisking frequently.
Simmer until the sugar has dissolved, about 5 minutes. Remove the saucepan from the heat and set aside to cool to room temperature, about 10 minutes.
Place olive oil in a large high-sided skillet and heat over medium-high. Place the cooled milk mixture in a shallow bowl. Crack eggs into another shallow bowl and beat until blended.
While the oil is heating, soak toasted (or stale) bread slices in the milk mixture until slightly soggy and transfer the slices to a wire rack. Once the oil is hot, dip the soaked bread slices in the egg, letting any excess drip off, and carefully place in the hot oil.
Working in batches, fry the French toast until golden brown and crispy, about 2 minutes per side. Remove from the skillet, letting any excess oil drip off, and place on a clean wire rack or paper towels to drain. Repeat with the remaining bread slices.
Before serving, thoroughly sprinkle the French toast with the remaining 1/4 cup cinnamon-sugar. We love serving these crispy toasts with chocolate sauce for dipping and with fresh berries on the side.