Cook asparagus spears in boiling salted water until barely tender. Drain on paper towels. In wide bowl, beat egg with milk. Dip asparagus spears into egg mixture, then into bread crumbs. Heat enough oil to cover asparagus to 364 degrees in deep fryer or large skillet. Diameter of pan should exceed length of spears. Fry coated asparagus, a few at a time, until lightly browned, about 2 minutes. Drain on paper towels. Season with salt and pepper. Sprinkle with grated cheese.