Bring the milk, ½ cup (100g) of sugar, lemon and orange peel, cardamom seeds, and star anise to a slow simmer and cook for 15 minutes. Remove from the heat.
Cut the bread in thick slices and soak them in the infused milk until they're fully saturated but not soggy. Remove the bread from the milk and let the slices rest and cool on a plate. Some liquid may be lost.
Beat the eggs in a shallow bowl and dip the bread slices in the egg mixture. In the meantime, heat up about ½ an inch of the olive oil in a deep, heavy pan on medium-high heat.
Fry the slices two at a time, flipping them halfway so that both sides are crisp and browned. Remove them and let them drain on paper towels to absorb excess oil.
Mix the remaining ½ cup (100g) of sugar with the cinnamon in a shallow bowl, then coat both sides of the slices in the cinnamon sugar mixture.
Make the syrup. Take the remaining cinnamon and sugar from coating the torrijas and pour it into a medium-sized pot. Add a bit more sugar to completely cover the bottom of the pot if necessary, then add the warm water and bring it to a boil, stirring occasionally to dissolve the sugar.
Add the honey (you can add more or less depending on preference), and simmer the mixture until it reduces to a syrup-like consistency, about 30 minutes. It won’t be a very thick syrup, but it shouldn’t be too watery. Take the syrup off of the heat and let it cool for about 15 minutes.
Spoon the cooled syrup over the torrijas until they're soaked, then allow the slices to cool completely.
Refrigerate the torrijas for at least 4 hours, but preferably overnight.
Enjoy within two or three days for best quality. (I doubt they’ll last that long anyway!)