A doughnut, donut or pastry-with-a-hole.
I had a fried cyclops for breakfast. It mocks me.
When you have nasty, sloppy sex (anal or vaginal) and then go to sleep without taking a shower. When you wake up in the morning, peel back your foreskin and look at your penis head on; the crusties around the glans make it look like a fried cyclops.
Bill's fried cyclops happened because of his mom's poor hygiene.