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Heat the oil in a deep-fat fryer, or a heavy based saucepan to 170C. (CAUTION: do not allow to overheat and do not leave hot oil unattended.)
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Put the flour, baking powder, sugar and a pinch of salt in a freestanding mixer fitted with a dough hook and stir together. Mix the oat milk and oil in a jug and pour into the bowl. Knead for 3–4 minutes to make a smooth, elastic dough. Divide into six balls.
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Taking one ball at a time, use your thumb and forefinger to make a hole in the centre. Stretch out the hole with your fingers to make a hole roughly 6cm in diameter. The hole will shrink as the doughnuts fry, so it is important to make it large enough at the beginning. The doughnut will look like a thick bangle.
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Using a spatula, lower the doughnut into the hot oil and cook for about 2 minutes, then turn over and cook on the other side for a further 2 minutes, or until golden brown on the outside and light and fluffy on the inside. The doughnut should rise to the surface of the oil as it cooks. Depending on the size of your fryer, you should be able to cook 2–3 doughnuts at a time.
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While the doughnuts are cooking, put the sugar in a bowl and mix with the cinnamon. As soon as each doughnut is cooked, carefully remove from the hot oil using a slotted spoon and toss in the sugar.
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Serve the doughnuts on a large plate or platter with the jam alongside for dipping. Eat the same day as they are made.
