In a large mixing bowl, combine vegetable oil, melted butter, and eggs. Whisk until well blended.
Add vanilla extract, salt, and baking powder to the mixture, stirring to combine.
Gradually stir in 1 cup of powdered confectioners sugar until smooth.
Slowly incorporate the all-purpose flour until a smooth dough forms.
Cover the dough with plastic wrap and refrigerate for at least 1 hour.
Preheat your oven to 350°F (175°C) and line two baking sheets with parchment paper.
Remove the dough from the refrigerator. Scoop out a tablespoon and roll it into a rope about 4 inches long. Form into a donut shape.
Place each shaped cookie on the prepared baking sheets.
Bake for 16 to 18 minutes, or until golden brown. Cool on baking sheets for a few minutes before transferring to a wire rack.
For icing, mix ½ cup of powdered sugar with 1 tablespoon of milk and 2 teaspoons of light corn syrup in two separate bowls. Color one bowl red and the other green.
Dip the cooled cookies into the icing, coating generously, then sprinkle with festive toppings while the icing is still wet.
Allow icing to harden before storing.
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Notes
Store cookies in an airtight container at room temperature for up to a week.