Heat 2 inches peanut oil in a large pot or Dutch oven to 350 degrees F.
In a shallow bowl, stir together the ground cinnamon and sugar and set aside. In a small bowl, whisk together 1 cup of confectioners' sugar, 2 tablespoons of milk and 1 teaspoon of vanilla extract, set aside. This is the vanilla icing. In another bowl, whisk together 1 cup of confectioners' sugar, 1/4 cup of cocoa powder and 3 tablespoons of milk and set aside. This is the chocolate icing.
Lay out the biscuits on a cutting board and with a 1 1/2-inch round cookie or biscuit cutter, cut out a hole from the middle of each biscuit. Fry them in the oil until golden and then flip with tongs to fry the other side. You can even fry the donut holes. Drain on paper towels and then toss in the cinnamon-sugar or ice and decorate with sprinkles, as desired.