The bright embers of an ashwood fire, a forked stick and the (ideally firm-but-fresh) bread supported by the stick poked through top and bottom. Toast one side by hand using appropriate distance and angle, then flip and warm to 'stale' (but not to proper brown) the other.
Butter to taste. The result is exquisite. As long as you have active red/orange embers you can even do it while the fire is in progress (and you're feeding it).
I've fed parties of 8 people on a constant round-robin basis for an hour using this technique. You need a few forked sticks but they last longer than one might think (make sure they have had the bark removed). Once you get it, with the right fire you can toast a piece to absolute perfection in well under a minute, even varying for taste.
I will concede a 1-in-10 loss rate if it falls off the stick but nothing perfect comes for free. That's why we have good ale to wash it down with - people secretly relish the gaps for a second sip between sentences.
All other methods are futile in comparison. Simpler, I'll grant you, but nowhere near as satisfying, tasty or social