Remove biscuits from can and cut each biscuit into 6 evenly sized pieces. Roll the pieces hands to make them as round as possible.
Pour vegetable oil into a heavy bottom pot. The oil should be at least 2 inches deep. Heat oil over medium-high heat to 350 degrees fahrenheit. Line a baking sheet with paper towels and place near the pot.
Using a slotted spoon, carefully place a few donut holes at a time into the hot oil. Do not crowd them, as this will cause the oil to drop in temperature. Turn with tongs or slotted spoon until golden brown all around. This will only take a few minutes.
Remove the golden donut holes and place on the prepared baking sheet lined with paper towels. Allow to cool slightly.
Combine powdered sugar, vanilla, and milk until smooth to create a glaze.
Use a fork or tongs to dip and swirl each donut in glaze, one at a time. Allow the excess glaze to drip off, then place the glazed donut holes in a wreath shape on a large platter. Make sure donut holes are touching each other so that the glaze will help them stick together.Sprinkle with powdered sugar and sprinkles if desired.