In shallow bowl or pie pan, mix eggs, milk, sugar, nutmeg, vanilla and orange peel until well blended.
Heat 12-inch nonstick skillet or griddle over medium heat or to 375°F. Add oil, tilting skillet to spread oil. Dip each slice of bread into egg mixture, turning to coat both sides. Place in hot skillet; cook 4 to 6 minutes, turning once, until golden brown. Serve with warm honey.