In a large, heavy bottomed skillet, heat oil about 1/2-3/4 inch high. Depending on your size skillet will determine how much oil is necessary. Bring oil to a sizzle when you drop a couple drops of water into it.
Separate biscuits and using a one inch circle cutter (I used a cannoli tube) pop center hole out of each biscuit so it resembles a donut. Fry each biscuit for 2-3 minutes each side. Allow to cool and dry on paper towels.
While donuts are cooling, make chocolate glaze. In a small saucepan on medium low heat, mix together the cream, milk, butter, vanilla and corn syrup. When butter is completely melted, turn heat to low and add in the chocolate, whisking smooth. Remove from heat and whisk in the powdered sugar.