Stir yeast into lukewarm water and allow to proof for 5 minutes.

Meanwhile, in a large bowl, beat together the milk, sugar, and salt until the sugar has dissolved.

Stir in the yeast and mix until combined.

Add the butter and eggs. Beat to combine.

Slowly add the flour, scraping down the sides as needed, until the mixture creates a soft dough.

Cover the bowl and allow to rest in a warm place free of drafts for 30 minutes to 1 hour or until doubled in size.

Meanwhile, add honey and water to a small saucepan. Bring to a boil over medium heat and allow to boil for 2 to 3 minutes, stirring as needed. Remove from heat and allow to cool.

Heat oil in a large, heavy-bottomed pot over medium heat. There should be enough oil in the pot to measure about 1" deep; adjust quantity of oil if necessary. To test for the right temperature, insert a toothpick or bamboo skewer into the oil. If the oil temperature is right, it should bubble.

Prepare a large baking sheet with paper towels for draining the cooked loukoumades. Place a small bowl of water close to your frying station to keep your tools and/or hands wet to make the dough easier to handle.

Use a 1 tablespoon scoop or your hands to create a dough ball and carefully drop into the oil. Cook on one side for about 2 to 3 minutes before flipping. Some balls will flip themselves as they cook. Balls will double in size and should be browned on both sides when done.

Remove the loukoumades from the oil and drain on paper towels to remove excess oil.

In small quantities, roll balls in hot honey syrup and then transfer to a large platter or serving dish. Drizzle with any remaining honey syrup. Top with cinnamon and/or powdered sugar prior to serving. Serve immediately for best results.