Step 1

Heat oil (or enough for 1/2-inch depth) in 10-inch skillet over medium heat to 350°F.

Step 2

Meanwhile, place sugar in shallow dish. Stir together cocoa mix and water in small bowl. Add 2-1/2 seconds Reddi-wip (about 1 cup); stir until smooth. Whisk together pudding and jam in another small bowl. Add remaining 2-1/2 seconds Reddi-wip (about 1 cup) and food coloring, if using; stir until blended.

Step 3

Carefully place half of biscuit pieces in skillet; cook about 30 seconds on each side or until golden brown. Remove from skillet; drain on paper towels. Roll pieces in sugar until coated. Repeat with remaining biscuit pieces. Serve with sauces on the side.