Preheat an oven to 200 degrees F, and place a rack on a sheet pan.
Whisk the milk and eggs in a glass pie or casserole dish until evenly combined.
Whisk the sugar and cinnamon in a small bowl.
Heat a large skillet over medium heat. Add about 1/2 a tablespoon of butter to the skillet, swirling the pan to coat the surface. Dip 2 slices of bread into the egg mixture and immediately lay in the skillet. Sprinkle the cinnamon sugar on top and cook until the undersides are brown and crisp, about 4 minutes. Add a nut-sized bit of butter to the skillet, as needed, and flip the toast, cook until golden on the underside, about 3 minutes more.
Serve immediately or transfer to the rack in the oven to keep warm. Repeat with the remaining bread and batter. Serve with jam or maple syrup.
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