Preheat oven to 350. Spray a donut baking pan with cooking spray and set aside.
In a medium mixing bowl or batter bowl, add the flours, cocoa powder, sugar, baking powder, and salt. Mix until fluffy with a whisk.
Add the milk, eggs, food coloring and olive oil and mix until just combined.
Carefully pour into prepared baking pan. Bake for 9-12 minutes, or until the tops are no longer tacky. Turn out onto a wire rack and cool.
For Icing:
Combine all ingredients for icing in a microwave safe bowl. Microwave on high for 30 second intervals, stirring in-between heating. Heat until cream cheese melts and frosting is a runny consistency. Add additional milk if frosting becomes too thick.
Dip the cooled donuts in the icing and sprinkle with candy sprinkles of your choice. Allow to rest for 5 minutes before serving.