Put wine and water in a pot. Bring to almost a boil. (It shouldn't come to a full boil.) Add the flour all at once and stir constantly with a wooden spoon. When the dough comes out of the pot in a single piece remove it from the heat. Place on lightly oiled marble or counter surface. Knead by pounding with a rolling pin. Do this for 10 minutes so as to make it smooth and homogeneous. Roll the dough into snakes about as thick as your little finger. Pull off small pieces of dough, rub the dough between your hands and pinch ends together to make small rings.
Heat the oil and fry the zeppole a few at a time. Prick balls with a skewer as they fry, so the dough will bubble out and they become crunchier and more golden. Drain them on paper towels. Dredge them in the cinnamon-sugar mixture. Serve hot or cold.