Place granola in a shallow dish. In another shallow dish combine eggs, milk, cinnamon, and nutmeg. Set aside.
Spread four of the bread slices with peanut butter. Layer pear slices on top of peanut butter; drizzle with honey. Top with the remaining four bread slices; press lightly. Dip sandwiches in egg mixture, then in crushed granola to coat.
In a 12-inch skillet or large griddle heat butter over medium heat. Add sandwiches; cook for 4 to 6 minutes or until crisp and golden brown, turning once halfway through cooking.