In a bowl, whisk eggs together with milk. Stir in the salt and pepper.
In a large iron skillet, heat up peanut oil on medium-high, and place tortilla strips into skillet, cooking for about 3 minutes, turning once. Remove the tortilla strips with a slotted spoon to a paper-towel-lined plate. Drain the oil from the skillet leaving 2 tablespoons in the skillet.
Add the onions and jalapenos to the pan, and cook for a couple of minutes.
Add the egg mixture and tortilla strips to the skillet and let eggs sit for about one minute or until set on the bottom and then gently stir. Sprinkle cheese on top of eggs and continue to cook until melted.
Top eggs with salsa and cilantro. Serve hot with flour tortillas and refried beans.