1In small bowl, stir glaze ingredients until smooth, adding enough milk for desired glaze consistency. Cover; set aside.
2Heat oil (2 to 3 inches) in deep fryer or heavy saucepan to 375°F.
3Separate dough into 8 biscuits; cut hole in center of each. Fry biscuits and holes in hot oil 1 to 2 minutes on each side or until golden brown. Drain on paper towels.
4Dip top of each doughnut and hole into glaze. Top with cereal. Serve warm.