Heat 2 inches peanut oil in large pot to 350 degrees F.
Combine cinnamon and sugar in small bowl and set aside.
Using a 1 1/2 round cookie cutter, cut out round circles and then using knife,cut out a small hole from middle of each biscut. Fry donuts and holes in oil until golden, then flip to fry other side. Approx 1 minute each side.