Preheat oven to 350 degrees. Line mini donut or cupcake pans with paper liners or you may also grease donut or cupcake pans. Combine all ingredients in a large mixing bowl. Mix at low speed for 30 seconds while scraping bowl. Mix at high speed for 3 minutes, scraping bowl every minute. Spoon batter into greased donut pan until they are 2/3 full. Bake for 20 to 25 minutes or until toothpick inserted in center comes out clean. Cool 10 minutes in pans then move to wire rack to cool completely.
DIP: Combine all the ingredients in a medium bowl and beat until smooth. Let sit for 4 hours or overnight…it will thicken up. Serve with donuts.