Place the vegetable oil into a heavy bottom pot.  You want at least 2 inches of oil covering the bottom of the pot.  Start heating the oil over medium-high heat.  (We want it to reach 350 degrees).

Line a baking sheet with paper towels.  Set this next to the pot of hot oil.

Make the glaze.  Stir together powdered sugar, vanilla, and milk until smooth.  Set this aside.

Open the can of biscuits and use scissors to cut each biscuit into 6 pieces.  Roll the pieces in your hands to make them as round as possible.

Use a slotted spoon to carefully place a few donut holes at a time into the hot oil.  (Do not crowd them, as this will cause the oil to drop in temperature.)  It will only take a few minutes for each to cook.

Remove the golden donut holes to the baking sheet lined with paper towels.  Allow them to cool slightly.

Use a fork or tongs to dip and swirl each donut, one by one, into the glaze. Allow the excess glaze to drip off, then place the glazed donut holes in a wreath shape on a large round platter.  Make sure they are touching each other so that the glaze will help them stick together.

Lightly sprinkle with powdered sugar and red and green sprinkles for a more festive wreath!