Moto's Doughnut Soup recipe

Earlier this year, I posted about my visit to Moto. In it, I raved about one of the post-modern desserts, donut soup, and asked if anyone had the recipe or wanted to share ideas on how to replicate it at home.
Today, after class, I found an e-mail in my inbox from a MaryLouise. It turns out she'd read a profile of Moto in the August edition of US Airways magazine and jotted down the doughnut soup recipe on a barf bag (yes, just a hint of irony in that).
She made the soup this past weekend (the results were delicious, she reports), and while Googling for a photo of the soup, she came across my post. Bless her heart, she was kind enough to e-mail me the recipe, along with a warning to ensure my blender was up to snuff.
And now, little man, I give the recipe to you.
Doughnut Soup

5 glazed yeast doughnuts
1 c milk
1 c water
powdered sugar
For the stock
Break 2 doughnuts into small pieces and caramelize in a dry pan.
Add milk and water, bring to simmer.
Remove from heat and steep for 20 min.
Puree 3 doughnuts in a blender with enough stock for a cream-like consistency. Season to taste with salt and sugar, and run through a fine strainer. Serve warm in demitasse cups alongside an espresso.