Preheat and prep. Preheat your air fryer to 350°F (175°C) for 3–5 minutes. Lightly spray the basket with oil or line it with a perforated parchment liner made for air fryers.
Mix dry ingredients. In a medium bowl, whisk flour, baking powder, salt, pumpkin pie spice, and 1/2 teaspoon cinnamon until evenly combined.
Mix wet ingredients. In a large bowl, whisk pumpkin puree, egg, milk, melted butter (4 tablespoons), vanilla, granulated sugar (1/2 cup), and brown sugar until smooth.
Combine. Add dry ingredients to wet and stir with a spatula until just combined.
The dough will be thick and slightly sticky. Do not overmix.
Shape. Scoop tablespoon-sized portions and roll gently into balls with lightly oiled or damp hands. Aim for 1 to 1 1/4-inch balls for even cooking.
Air fry in batches. Arrange donut holes in a single layer without touching. Air fry for 7–9 minutes, flipping halfway, until puffed and lightly browned.
A toothpick should come out mostly clean.
Make the coating. In a shallow bowl, mix 1/2 cup granulated sugar with 1–2 teaspoons cinnamon. In a separate bowl, melt 2 tablespoons butter.
Coat while warm. Brush or toss warm donut holes with melted butter, then roll in cinnamon sugar to coat. Work in small batches so the sugar sticks well.
Optional glaze. For a maple glaze, whisk powdered sugar, maple syrup, milk, and a pinch of salt until smooth and pourable.
Dip warm donut holes, let excess drip, and set on a rack to firm up.
Serve. Enjoy warm. They’re best within an hour of cooking, when the edges are slightly crisp and the centers are soft.