Combine eggs, milk, salt, and pepper in a small mixing bowl. Combine breadcrumbs and flour in a medium mixing bowl. Dredge oysters in breadcrumb mixture; dip in egg mixture, and roll in breadcrumb mixture.
Fry in 1/2 inch hot oil for 3 minutes on each side or until golden brown. Drain well on paper towels. Serve immediately with cocktail sauce, if desired.