Lightly spray donut pans with cooking spray
In a large bowl, whisk together flour, baking powder, salt and baking soda
In a large mixing bowl, beat together butter, oil and both sugars
Add eggs and beat until well combined
Stir in vanilla extract
Alternate flour mixture with milk until all batter is combined
Fill a pastry bag with the donut batter or spoon into donuts pans about ¾ full
Bake fat 425 ° F for 10-12 minutes or until golden brown
Remove and place on wire rack to cool completely
Glaze
Add powdered sugar to small bowl
Add 3-4 tablespoons cream or milk and whisk, add more cream if needed to thin out glaze
Add vanilla extract and whisk until smooth
Add coloring if desired
Dip tops of donuts into vanilla glaze, shake off excess and immediately add sprinkles if desired
Let set about 10 minutes for glaze to harden
Serve or store in airtight container