1. In a small bowl, mix the softened cream cheese, powdered sugar, and vanilla extract until smooth and creamy. Spread this mixture evenly between slices of bread, creating two sandwiches.
2. In a shallow dish, whisk together the eggs, milk, cinnamon, nutmeg, and a pinch of salt.
3. Preheat a large skillet over medium heat and add the butter and vegetable oil to the pan.
4. Dredge each sandwich in the egg mixture, ensuring both sides are well-coated. Allow any excess to drip off.
5. Place the sandwiches in the skillet and cook until golden brown and crisp, about 3-4 minutes per side.
6. Meanwhile, mix the granulated sugar and remaining cinnamon in a small bowl.
7. Once the French toast is cooked, immediately dredge it in the cinnamon sugar mixture, ensuring each side is evenly coated.
8. Serve warm, perhaps with a drizzle of maple syrup or a dollop of whipped cream, if you’re feeling extra indulgent!

Remember, patience is key. Letting the toast cook slowly ensures a perfectly crispy exterior with a gooey, rich filling.