BRING water, butter and sugar to boil in saucepan on medium-high heat. Add flour; cook and stir on medium heat until mixture pulls away from side of pan. Remove from heat. Add vanilla and eggs, 1 at a time, beating with mixer after each addition until well blended. Spoon dough into pastry bag fitted with large star tip. Pipe dough into 4-inch rings onto small parchment paper squares.
DROP rings (with parchment paper attached) into 350ºF deep fryer. Churronut will release from paper; immediately discard paper. Cook, in batches, about 4 min. on each side or until golden brown. Drain well on paper towels. Cool 5 min.
WARM Delights until pourable. Dip tops of Churronuts into Delights, using about 3/4 oz. for each.