Preheat the oven to 350 F. Spray a medium sized donut pan with baking spray.
Whisk together all of the donut ingredients in a medium sized bowl until smooth. Spoon the batter into a piping bag then cut the tip off to allow the donut batter to be piped out.
Fill each donut reservoir about half full with batter. Place the pan into the oven to bake for 9-12 minutes or until the donuts are golden and baked through.
Remove the pan from the oven and carefully flip the donuts out of the pan onto a parchment lined cooling rack. Fill the donut pan with batter and bake. Continue baking the donuts until all of the batter has been used.
Once the donuts have cooled, make the frosting. Place all of the ingredients into a small mixing bowl. Whisk together well until a smooth frosting has formed.
Carefully dip each donut halfway into the frosting. Pull each donut up out of the glaze and let the excess drip off of each donut.
Place the donuts back onto the parchment lined cooling rack. Top the donuts with sprinkles. Let set for a few minutes to allow the frosting to set up before serving.
Storage: Donuts may be stored in an airtight container or baggie at room temp for up to 3 days.