Sprinkle the yeast over the warm water in the measuring cup and let stand until foamy, about 5 minutes.
In the bowl of a stand mixer, combine the warm milk, sugar & salt. Add the yeast mixture and stir to combine.
Slowly add in the flour and mix until a smooth, thin dough forms. It will almost look like a thick batter. Cover the bowl and let rise in a warm place until doubled, 1-1.5 hours.
While the dough is rising, make the candied nuts. Preheat the oven to 250 degrees. Whisk the egg white and water in a large bowl until thick and frothy. Add in the remaining ingredients, and stir to combine. Spread the mixture onto a baking sheet (using a Silpat or baking mat is highly recommended for easy cleanup!) Bake for 1 hour, stirring every once in a while to ensure even roasting. Let cool completely. Once cooled, chop the nuts and set aside.
To make the syrup, combine honey, water and cinnamon in a small saucepan and bring to a boil. Turn heat to low and let simmer for 5 minutes. Remove from heat and cool to room temperature.
Make the Donuts
Once your dough has risen, heat the 4 cups of vegetable oil in a large saucepan, leaving at least 2 inches from the top of the oil to the top of the pot. Oil temperature should be steady around 325 degrees F. You do not want it too hot or the dough puffs will darken too quickly before cooking through the center.
Fill a glass with water and add in the teaspoon of oil. Wet two teaspoons in the oil and water and using one spoon, scoop up about a tablespoon of dough. Using the other spoon, mold the dough into a round shape and scrape it into the hot oil. Make sure the spoons remain wet to prevent sticking. Fry the dough puffs until golden and remove with a slotted spoon to drain on paper towels. Repeat until all dough is used.
Place the fried donuts in a large bowl and cover with honey syrup. Stir or shake the bowl to cover. Serve immediately. Sprinkle with chopped nuts, an extra dash of cinnamon, or eat plain!