Preheat oven to 350°F.
Place all of the ingredients (except for the chocolate chips and sprinkles) in a large bowl. With an electric mixer, beat on low until combine, then turn up to medium and beat until smooth (about 1 minute). Let rest and beat for another 30 seconds.
Spray two donut pans with non-stick cooking spray. Gently scoop batter into 8 donut cups. Bake for 20 minutes. Let cool.
Meanwhile, melt chocolate chips in the microwave according to package instructions. Do not overheat. Dip cooled donuts in melted chocolate. Add sprinkles. Store covered for 3 days at room temperature or up to 10 days in the refrigerator.