For the Bonuts: Heat the peanut oil over high heat in a large Dutch oven fitted with a fry/candy thermometer and bring the oil to 350 degrees F. (Keep an eye on it so you don't shoot through the target temp. When it gets to about 300 back off the heat a bit.)
Meanwhile, sift the dry ingredients together in a large mixing bowl. Then, working quickly (so the fats don't melt), use your fingertips to rub the butter and lard into the dry mixture until it resembles coarse crumbs.
Make a well in the center and pour in the buttermilk. Stir until dough just begins to come together. It will be very sticky. While it's still in the bowl, fold the dough over itself 2 to 3 times so that it takes up any remaining flour, and then turn it out onto a lightly floured work surface.
Dust the top of the dough with flour and, with floured hands, gently fold the dough over on itself 8 more times, turning one quarter turn between each folding motion. Then press dough out to a thickness of 1-inch.
Cut out dough using a 2 1/4-inch doughnut cutter or pastry ring and using a 1 1/4-inch ring for the center hole. Make your cuts as close together as possible to limit waste. Re-roll and cut as many donuts as possible. Whatever scrap is left should be cut and formed to match the"holes," which is why in the end you'll have more holes than bonuts.
Using the chopsticks, carefully move the bonuts into the oil and cook 3 to 4 at a time. Flip with the sticks after 1 1/2 to 2 minutes per side and repeat cooking. When the cold dough hits the fat, the temperature is going to fall quickly so you'll want to boost the heat and keep an eye on the thermometer.
Remove the golden-brown rings-of-wonder with a spider to a cooling rack inverted over a paper towel lined half sheet pan and cool for 2 minutes before glazing. Finish up by frying the holes in 2 batches until golden brown.
For the Glaze: Microwave the milk in a large heat-proof bowl for 15 seconds. Whisk in the vanilla and the powdered sugar until smooth.
Gently dip one side of each "bonut" into the glaze, give it a twist then lift straight out. Allow the excess to drain off then flip glaze-side up and place on the cooling rig. To glaze the holes I usually drop them in then lift them out with a dinner fork. Or, just go bobbing for them. (Don't you judge me!)
I'd say cool before eating but we both know you won't.
(weights are given where it matters and yes, metric is better)
Recipe Courtesy of Alton Brown in honor of Ma Mae