In a deep cast-iron skillet or Dutch oven, heat oil to 375°F. Have nearby a large baking sheet lined with paper towels.
In a medium-size mixing bowl, use a whisk to sift together flour, sugar, baking powder, salt and cinnamon.
In a separate bowl, whisk together milk, water, eggs and vanilla. Add to the dry ingredients mixing until fully moistened.
Ladle a generous ½ cup at a time to a large funnel, plastic bottle with the tip cut off or a measuring cup with a spout. (If using a funnel, hold finger over funnel opening while filling.)
Holding the funnel (or chosen dispenser) several inches above the oil, release opening and move in a spiral motion until all the batter is released. If using a funnel scrape with a rubber spatula, if needed.
Fry for 1 ½- 2 minutes per side, using tongs and a spatula to gently flip frying the other side until golden. (The second side may cook more quickly, depending on the temperature of the oil)
Remove to the paper towel lined pan, immediately dusting both sides with powdered sugar. Repeat until all of the batter is used.
Serve immediately as is or topped with fresh berries, drizzled with chocolate or caramel sauce, whipped cream or vanilla ice cream.