The mechanism for carcinogenicity, as far as I know, hasn't been specifically established. However, several researchers link it to the metabolism of benzene by CYP2E1, which produces benzene oxide, a highly reactive metabolite that seems to bind non-specifically to proteins. (This looks like a benzene ring with an epoxide across one of the single bonds). Toluene doesn't metabolize by this pathway - oxidation of toluene occurs on the easier oxidized pendant methyl group, producing benzyl alcohol which can be excreted by glucuronidation.