Preheat oven to 400° and spray 2 donut pans with non-stick spray.
In a medium bowl, whisk together sugar butter and oil. Add eggs and combine well. Whisk in vanilla.
In another bowl whisk together flour, baking powder and salt.Alternating with milk mixture, stir flour mixture into sugar/butter mixture. Start and finish with dry ingredients. Do not over work.Stir sparkling wine in, just to combine.
Evenly distribute batter between donut pan openings.Bake at 15-17 minutes, until golden brown and tootpick comes out just clean.Cool in pan for 10 minutes then turn out and cool completely on rack.
Glaze
In a small bowl, whisk sparkling wine into Confectioners' sugar to desired consistency.Spoon glaze over donuts and sprinkle with dusting sugar.