In small bowl, blend desired glaze ingredients until smooth, adding enough liquid for desired glaze consistency. Cover; set aside.
Heat oil in deep fryer or heavy saucepan to 375°F.
Separate both cans of dough into 20 biscuits; cut hole in center of each. Fry biscuits and holes in hot oil for 1 to 1 1/2 minutes on each side or until golden brown. Drain on paper towel.
Dip top of each doughnut into desired glaze. Serve warm.