Instructions

• Combine 1 1/2 cups milk and 1/3 cup water in a small saucepan and warm over low heat until just warmed (do not boil). Remove from heat.
• Place 1/3 cup unsalted butter in the bowl of a stand mixer. Pour the warm milk-water mixture over the butter and stir until the butter melts. Add 1 tablespoon honey and sprinkle 2 packages active dry yeast (4 1/2 teaspoons) over the liquid; give it a quick stir. Let sit about 5 minutes, until the yeast is foamy.
• Add 2 lightly beaten large eggs, 1/4 cup sugar, 1 teaspoon salt, 1 teaspoon freshly grated nutmeg and half of the 5 cups all-purpose flour to the yeast mixture. Fit the mixer with the paddle attachment and beat on low speed until combined and the mixture is sticky.
• Add the remaining flour to the bowl. Continue beating on low speed, gradually increasing to medium, until the dough begins to come together but is still slightly sticky.
• Switch to the dough hook and beat on medium speed for 5 minutes, or until the dough is elastic and pulling away from the sides of the bowl.
• Remove the dough, shape into a ball, and place it in a lightly oiled bowl. Cover the bowl and let the dough rise in a warm place for 1 hour, or until roughly doubled in size.
• Turn the risen dough out onto a floured surface. Roll the dough to about 1 inch thick, using additional flour as needed to prevent sticking. Cut out rounds with a 1-inch biscuit cutter or a cutter of your preferred size, then cut a smaller circle from each round to form the donut holes. Place the cut donuts and holes on a baking sheet, cover lightly, and let rise for about 30 minutes.
• Meanwhile, heat a large pot of oil for frying (amount as needed for shallow-deep frying) and bring to 350–365°F, monitoring with a candy thermometer. Keep the oil at this temperature range while frying.
• Fry the donuts 2 to 3 at a time (do not overcrowd) for about 1 minute per side, or until puffed and golden brown. Use a slotted spoon or spider to turn and remove them. Transfer fried donuts to a paper-towel-lined rack or sheet to drain. Allow donuts to cool completely before glazing.
• For the glaze, heat a small saucepan over medium heat and add 4 tablespoons unsalted butter, 2 teaspoons vanilla extract, 1 teaspoon light corn syrup and 1/4 cup milk. Whisk until the butter is melted and the mixture is hot, then reduce heat to low.
• Add 3 ounces chopped milk chocolate to the warm liquid and whisk until the chocolate is fully melted and smooth. Remove the pan from heat and stir in 1 cup powdered sugar, whisking until the glaze is smooth and free of lumps.
• Spread the crushed kettle cooked potato chips (1 cup crushed) on a plate. Dip each cooled donut into the chocolate glaze, allowing excess to drip off, then immediately press or sprinkle the crushed potato chips onto the glazed top. Place glazed donuts on a rack or sheet and let set about 15 minutes before serving.