First, you'll want to make some toast. You can use just about any bread for this, but try to pick a whole grain variety for the most nutrition. If your child doesn't like (or isn't ready for) the texture of whole grain bread, try one that aims for the texture of white bread, but still uses whole grains.
You'll want to make a bit of a depression in the middle of your toast with a fork or spoon. Take care not to smoosh the edges or your egg will escape later. You can add butter to the toast if you want, but I usually don't for the little ones. They don't seem to notice and unless your child is in the smaller weight percentiles, it's just added fat that isn't needed.
Crack an egg and let it gently fill the hole you made in the toast. Large or medium grade eggs work great, but jumbo grade eggs will overflow if you're using a standard sized piece of bread. Prick the yolk with a toothpick or fork if desired.
Microwave for about a minute on medium high or 70 percent power. This varies from microwave to microwave, of course, so the first few times you make it you may have to experiment a bit.
Remove it from the microwave and make sure that the whites are completely cooked. Allow it to cool. At this point, you can add some seasoning or not. It's not really necessary at all, but since this is a bit of a bland meal, you can experiment a little if you want. Perhaps with paprika or cumin or tarragon.
If you are still cutting up your toddler's food, then certainly do that. If your toddler is handling biting off pieces of toast, then this meal is one that can be eaten that way, too. Usually, the yolk is firm enough that it's not a mess and can be picked up.