Preheat oven to 375 degrees F.
Line a cookie sheet with foil and lightly spray with nonstick cooking spray; set aside.
Press each of the 8 biscuits into a 2½-inch round. With a 1-inch round biscuit cutter, cut a hole in the center of each biscuit or cut out the dough with a donut cutter. Dip all sides of donuts into the melted butter and place 1 inch apart on prepared pan.
Bake 12 to 14 minutes or until golden brown. Carefully remove from oven and cool for 5 minutes on pan.
To make glaze, combine all ingredients except sprinkles in a small bowl. Whisk by hand until combined.
Dip one side of each donut into the glaze and then decorate with sprinkles. Serve immediately.