Preheat the oven to 435 degrees F. Grease 2 doughnut pans (I use baking spray with flour).
In a stand mixer with the paddle attachment (or with a hand mixer), combine the butter, oil, cookie butter and sugars until smooth.
Add the eggs and mix until smooth, scraping down the sides of the bowl.
Add the baking powder, baking soda, fresh nutmeg, salt and vanilla and mix until smooth.
On low speed, alternate between adding the flour and half and half, finishing with the flour.
Spoon the batter evenly into the doughnut pans. I recommend not filling them all the way, just slightly under.
Bake for 10 minutes.
While the doughnuts are baking, prepare the glaze by whisking the half and half into the cookie butter. If using the powdered sugar, whisk the half and half into the sugar before combining with the cookie butter to avoid lumps.
Remove from the oven, wait 5 minutes and then turn them onto a cooking rack.
Either dip half of each doughnut into the glaze or drizzle the glaze over the doughnuts.