Prepare the dough:
In a large bowl, dissolve the sugar and yeast in warm water and let sit for about 5 minutes until frothy. Add olive oil, salt, and flour, stirring to form a dough. Knead for 5-7 minutes until smooth and elastic. Cover and let rise in a warm place for 1 hour.

1. Make the syrup:
   In a saucepan, combine honey, water, sugar, and cinnamon stick (if using). Simmer for 5 minutes until the sugar dissolves and the syrup thickens slightly. Remove from heat and set aside to cool.
2. Fry the dough:
   Heat vegetable oil in a deep pot or pan over medium heat (350°F or 175°C). Wet hands and take small spoonfuls of dough, dropping them gently into the oil. Fry for 2-3 minutes per side until golden and crispy. Remove with a slotted spoon and drain on paper towels.
3. Assemble the Loukoumades:
   While warm, place Loukoumades in a large bowl and pour honey syrup over them, coating well. Sprinkle with cinnamon and garnish with chopped walnuts or pistachios if desired. Serve immediately.