In a small saucepan, heat the milk until it reaches about 110°F. Remove from heat and stir in the yeast. Let it sit for about 5 minutes until foamy.
In a large mixing bowl, combine the sugar, eggs, melted butter, and vanilla extract. Add the milk-yeast mixture and mix well.
Gradually add the flour and salt, stirring until a sticky dough forms.
Transfer the dough to a floured surface and knead until smooth. Place the dough in a greased bowl, cover with a damp cloth, and let it rise in a warm place for about 1 hour or until doubled in size.
Roll out the dough on a floured surface to about 1/2 inch thickness. Cut out donut shapes using a donut cutter or two round cutters.
Heat vegetable oil in a deep fryer or heavy-bottomed pot to 350°F. Fry the donuts in batches for about 1-2 minutes per side or until golden brown. Remove and drain on paper towels.
In a small saucepan, heat the honey and hot sauce until combined. Dip each donut into the hot honey glaze, coating both sides. Allow excess glaze to drip off before placing the donuts on a wire rack to set.
Serve the hot honey glazed donuts warm and enjoy!