Heat a griddle or frying pan over medium heat.
Whisk flour and milk together in a medium bowl until smooth.
Whisk in eggs, vanilla, cinnamon, nutmeg and salt. Pour into a shallow pan or bowl that is wide enough for your bread.
Lightly oil or butter the hot griddle.
Dip bread slices in egg mixture letting sit for a 15-30 seconds until mixture is absorbed.
Carefully transfer to griddle, letting excess egg mixture drip off.
Cook bread on each side until golden brown.
Spread a tablespoon of peanut butter on each slice of bread. Serve as single slices or as a sandwich.
Drizzle with maple syrup and dust with powdered sugar if desired.