In your stand mixer or a large mixing bowl, combine warm water and yeast. Allow to activate for 10 minutes.
2¼ teaspoons yeast, ¼ cup warm water
After 10 minutes the yeast should have small bubbles. Pour in the warm milk, vanilla extract, cinnamon, sugar, salt, egg, egg yolk, melted butter, shortening, and flour. Mix on low speed until combined and smooth. Do not overmix.
¾ cup warm evaporated milk, 1 teaspoon vanilla extract, ½ teaspoon ground cinnamon, ¼ cup granulated sugar, ¼ teaspoon kosher salt, 1 large egg, 1 large egg yolk, 2 tablespoon salted butter, ¼ cup vegetable shortening, 3 cups cake flour
Place a towel over the bowl and let rise for 1 hour.
Lightly flour a wooden cutting board. Place the dough on the floured surface and roll out to 1” thick.
Use a donut cutter, or a 4” and 1” biscuit/cookie cutter to cut out the donuts. Place the donuts onto a baking sheet as you work.
Lay a towel over the baking sheet and allow donuts to rise for 30 minutes. Preheat the air fryer to 350°F for 5 minutes
Line the air fryer basket with foil. Spray the foil with coconut oil to prevent sticking. Arrange donuts in a single layer leaving 1” space between each and cook for 6 minutes, stopping once halfway through to flip. Multiple batches may be necessary. Place cooked donuts on a wire rack lined baking sheet to cool.
While the donuts are cooking, prepare glaze. Combine all of the glaze ingredients in a mixing bowl and whisk. Place into a saucepan over medium heat for 10 minutes. Pour glaze out of the saucepan and back into the mixing bowl.
¼ cup whole milk, 2 tablespoon light corn syrup, 2 tablespoon evaporated milk, 1 teaspoon vanilla extract, 3 cups powdered sugar
Dip donuts in the glaze and place back onto the wire to allow excess glaze to drip off and the glaze to harden.