Step 1

To make the doughnuts, in a medium bowl, whisk together both flours, baking powder, baking soda, salt, and nutmeg. Set aside.

Step 2

In the bowl of a stand mixer fitted with the paddle attachment, beat together the egg and granulated sugar on medium-low speed until creamy and pale in color, about 2 minutes. Add the buttermilk, melted butter, and vanilla and beat until blended, about 1 minute. Stop the mixer and scrape down the sides of the bowl with a rubber spatula. Add the flour mixture and beat on low speed just until a soft dough forms, about 30 seconds. Cover the bowl with plastic wrap and refrigerate until the dough is firm, at least 30 minutes or up to 1 hour.

Step 3

Line a rimmed baking sheet with parchment paper. Turn the dough out onto a generously floured work surface and roll out into a 10-inch (25-cm) round about 1/2 inch (12 mm) thick. Use a 3-inch (7.5-cm) round doughnut cutter to cut out as many doughnuts as possible. Transfer the doughnuts and doughnut holes to the prepared baking sheet. Gather up the scraps, reroll the dough, and cut out more doughnuts. (The dough will be sticky, so sprinkle it with flour as needed.) You should have about 10 doughnuts.

Step 4

Coat the Instant Pot® air fryer basket with canola oil spray. Working in batches, arrange a single layer of doughnuts in the basket, making sure they don’t touch. Insert the basket into the pot and attach the air fryer lid. Press the Air Fry button and set the cook time for 5 minutes at 375°F (190°C), then press Start. Bake undisturbed.

Step 5

Meanwhile, prepare the glazes: To make the chocolate glaze, in a saucepan over medium heat, combine the cream, butter, and corn syrup. Cook, stirring occasionally, until the butter melts and the mixture is hot but not boiling, 2–3 minutes. Remove from the heat and add the chocolate but don’t stir. Let stand for about 30 seconds, then stir until the chocolate is melted and the glaze is smooth. Stir in the vanilla. Let the glaze cool until thickened, about 15 minutes. Transfer the glaze to a bowl. To make the vanilla glaze, in a small bowl, stir together the confectioners’ sugar, milk, and vanilla. To make the lemon glaze, in a small bowl, stir together the confectioners’ sugar and lemon juice. Set the glazes aside.

Step 6

Line another rimmed baking sheet with parchment paper.

Step 7

When the cooking time is up, use tongs or a non-metal spatula to carefully transfer the doughnuts to the prepared baking sheet. Repeat to bake the remaining batches.

Step 8

Working with 1 doughnut at a time, dip the top side in the desired glaze and swirl slightly to coat, letting any excess drip back into the bowl. Return the doughnut to the baking sheet and decorate with sprinkles, if desired.