Mix milk, sugar, and salt and cool to lukewarm. Pour water into a warm mixing bowl, sprinkle in yeast and stir to dissolve; mix in cooled mixture, also egg and oil. Slowly add flour and beat until smooth.Cover and let rise in a warm draft free place until doubled in bulk, (about 35 minutes).Toward the end of rising, preheat a griddle over moderate heat, or if using an electric one, by manufactures directions for pancakes.When batter is fully risen, stir down and pour about 1/4 cup onto the griddle for each crumpet, allow plenty of space between crumpets, then spread each until about 4” across.Cook until bubbles on crumpets break; brown the flip side very lightly only. Cool crumpets. When ready to serve, toast, smother “holey sides” with butter, quarter crumpets, and serve hot.