Combine ingredients as directed in doughnut recipe. Cover and chill dough for at least 2 hours (dough will remain slightly sticky).
Step 2: Roll dough
Turn out dough onto a lightly floured surface. Use a generously floured rolling pin to roll dough to 1/2-inch thickness.
Cut dough with a floured 2-1/2-inch round cutter. Use a 1-1/4-inch round cutter to cut the hole for the doughnut. (Or you can use a standard doughnut cutter.)
Tip: Dip the doughnut cutter in flour between cuts to keep the dough from sticking.
Fry two or three doughnuts at a time in a deep saucepan filled 1/3 full with hot oil (375 degrees F) for 2 to 3 minutes or until doughnuts are golden brown, turning once. Remove doughnuts with a slotted spoon so excess oil drains back into the pan. Drain doughnuts on paper towels. Repeat with remaining dough.
Cool doughnuts slightly. Coat them with powdered sugar or granulated sugar. Or, if desired, dip tops in glaze or icing. Allow doughnuts to dry on a rack.
If desired, dress up glazed doughnuts with colorful sprinkles or chopped peanuts. Or, instead of adding icing, simply roll doughnuts in powdered or granulated sugar. For a spiced variation, include a dash of cinnamon with the granulated sugar.