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Gradually whisk the hot milk into the egg mixture, then pour it all back into the saucepan.
Cook over medium heat, stirring constantly, until mixture thickens and reaches a custard-like consistency.
Remove from heat and stir in white chocolate and chopped butter until smooth. Let cool, then refrigerate until set.
Donut Filling:
Transfer cream filling to a piping bag fitted with a round tip.
Poke a hole in each donut and fill with vanilla custard.
Caramel Coating:
In a small saucepan, combine sugar and water, heating over medium heat until sugar dissolves and turns amber.
Carefully dip the tops of each filled donut into caramel. Allow caramel to harden to create a crunchy topping.