1. Heat a frying pan over medium heat.
2. Whisk milk, eggs, vanilla, cinnamon, nutmeg and salt together into a shallow bowl that is wide enough for your bread.
3. Lightly butter the hot frying pan.
4. Dip bread slices in egg mixture letting it sit for 15-30 seconds until mixture is absorbed.
5. Carefully transfer into the frying pan, letting egg mix drip off.
6. Cook bread on each side until golden brown.
7. Spread a tablespoon of peanut butter on each slice of bread. Serve as single slices or as a sandwich.
8. Dust with powdered sugar if desired.