Prep the puff pastry: Thaw puff pastry in the fridge until pliable but still cold. Lightly flour your work surface. Unfold the sheet and gently roll it to smooth seams and even the thickness.

Cut the donuts: Use a donut cutter or a 3-inch round cutter plus a 1-inch cutter for the hole. Press straight down—don’t twist—to keep layers intact. Gather scraps, stack (don’t knead), and re-roll once if needed.

Chill the cut dough: Place the rings and holes on a parchment-lined tray and refrigerate 10 minutes. This helps the layers puff and hold their shape.

Preheat the air fryer: Set to 350°F (175°C) for 3–5 minutes. Lightly oil the basket to prevent sticking.

Air fry in batches: Arrange donuts in a single layer with space between them. Air fry 5–7 minutes, flipping halfway, until puffed and golden. The centers should look set, not doughy. Cook holes for 3–5 minutes total.

Make the glaze: Whisk powdered sugar, vanilla, and 2 tablespoons milk or cream until smooth. Add more liquid a splash at a time for a pourable, not runny, glaze.

Coat the donuts: Let donuts cool 5 minutes. Dip tops in glaze, let excess drip, then place on a rack to set. For cinnamon sugar, brush warm donuts with melted butter and toss in the mixture.

Serve: Enjoy warm or at room temperature. They’re best the day you make them.