Doughnuts: Blend yeast, 1/2 cup water, and 2 tsps. sugar; let stand for two minutes. Whisk milk, eggs, and butter; stir in yeast mixture. Add dry ingredients (start with five cups of flour) and mix until a ball forms. Turn dough out onto lightly floured surface and knead until smooth and elastic adding only enough flout to make a soft dough that doesn't stick to the kneading surface. Place dough in greased bowl, cover and let rise in warm place for 1 1/2 hours. Punch dough down, cover tightly and refrigerate overnight. In the morning; take dough out of fridge and let rest at room temperature for 1/2 hour. Roll out to 1/2" thick on lightly floured surface, cut out doughnuts rerolling scraps once. You should get 16 - 3 1/2" donuts, cut the remaining dough into holes. Cover and let rise in warm place for a good 30 minutes. Glaze: Beat icing sugar, corn syrup, 1/2 cup water, 2 tblsps. butter and vanilla until smooth. Heat oil in electric skillet to between 325-345 degrees. Fry doughnuts for 3-4 minutes per side until golden. Drain on paper towel; dip warm doughnuts into glaze and let drip on cooling rack placed over a cookie sheet.
