Separate the eggs. Place the egg whites into a medium sized bowl.
Using an electric hand whisk, whisk the egg whites until stiff peaks form.
Stir the egg yolks to break them down and then drizzle over the egg whites. Using a spatula gently combine the whites and yolks until just combined.
Spread one slice of bread with the peanut butter and top with the other slice of bread.
In a shallow bowl use a spatula to evenly coat the sandwiched bread with the egg white mixture.
In a small frying pan, just large enough to fit the bread, heat the oil on a medium-high heat.
Once hot, place the bread into the oil. Fry until golden brown on all sides. You can use a pair of tongs to lift the bread up and fry the edges to ensure all the egg is cooked through.
Plate the toast and poke a few holes with a fork into the bread to help the toppings absorb. Top with a slab of butter and drizzle with the condensed milk, or syrup if you prefer. Enjoy!