Place sugar and cinnamon sugar in a brown paper bag, shake and set aside.
Remove the biscuits from the can, separate them and place them on a cutting board. Use a 1-inch round biscuit cutter to cut holes out of the center of each biscuit. You can also use an apple corer or bottle opening to cut open the hole if you don’t have a small biscuit cutter.
Lightly coat air fryer basket with olive oil spray.
Place 4 donuts in a single layer in the air fryer basket, being sure that they do not touch.
Bake at 360 degrees F for 5 minutes or until lightly browned.
Remove donuts from Air Fryer, dip in melted butter or spray both sides with olive oil spray, then shake in the cinnamon sugar mixture to coat.