In deep fryer or 2-quart heavy saucepan, heat oil over medium heat to 375°F. Separate dough into 8 biscuits. Using 1 1/4-inch round cookie cutter, cut 3 holes out of each biscuit.
Gently place 3 or 4 doughnut holes in hot oil. Fry on one side until golden brown. Gently turn with tongs; fry until other side is golden brown. Place on cooling rack; cool 2 to 3 minutes.
Serve doughnut holes with whipped cream; drizzle with honey.