If baking, preheat oven to 350°F (175°C) and grease a donut pan. If frying, heat oil to 350°F (175°C).

1. In a mixing bowl, whisk together flour, cocoa powder (if using), baking powder, and sugar.
2. In a separate bowl, beat eggs with milk and melted butter. Combine wet and dry ingredients until smooth (for fried version with yeast, allow dough to rise until doubled).
3. For baked donuts: pipe batter into greased donut pan and bake for 10–12 minutes. For fried donuts: roll and cut dough, then fry for 1–2 minutes per side until golden.
4. Melt chocolate in a heatproof bowl over simmering water or in short microwave bursts, stirring until smooth.
5. Dip cooled donuts into chocolate glaze. Spread or pipe marshmallow creme on top, or place marshmallows and toast lightly with a kitchen torch or broiler.
6. Sprinkle crushed graham crackers over the top. Serve immediately for best texture.