Place oil in a heavy pot or dutch oven and heat over medium heat.
Meanwhile, place the butter in a shallow dish and melt in the microwave for 25 minutes.
In a second dish, combine the sugar and cinnamon.
Cut small circles out of the biscuits (or you can use a small cookie cutter to put a shape in the middle).
When the oil is hot, add a biscuit to the oil. If it does not start bubbling immediately, remove the biscuit and wait another minute or two.
Fry each biscuit for 2 minutes, 1 minute on each side.
Remove from the hot oil to a paper-towel lined pan.
If you dip the donuts in the cinnamon sugar mixture while they are still hot, you do not need the melted butter, but if they are too hot for you to handle, dip them in the melted butter and then the cinnamon sugar mixture in order to coat evenly.