In a medium-sized mixing bowl, using a hand-held mixer or stand mixer with a paddle attachment, beat butter until creamy. Add sugar and beat until light and fluffy. Add egg and oil and mix well. Set aside.
In a liquid measuring cup, stir vanilla and almond extract into the buttermilk. Set aside.
Donuts are best eaten immediately but will keep at room temperature in an air tight container for 1-2 days.
*Nonpareils sprinkles will bleed into the donuts.
Donuts can be made ahead of time, and frozen un-glazed in freezer safe packaging for 1-2 months.
Buttermilk substitute: In a small bowl whisk, together equal parts milk and yogurt or sour cream and add to recipe as directed.