frying things - doughnuts, beignets

I like peanut oil for frying doughnuts.

I like to use regular olive oil, ie. refined, not extra virgin. It's got a relatively high smoke point and has no odd odor (looking at you, Canola) and is fairly light in flavor. It's what I use for cooking on a daily basis so there's no need for me to go out and buy special oil for frying.

For a start, have a look at Elana Carlson article here a few years ago about frying. Top choice was peanut oil. Also a chart comparing various oils.