Preheat the oven to 350 degrees F (175 degrees C). Lightly grease cookie sheets.

To make the cookies: Beat sugar and butter in a large bowl with an electric mixer until smooth. Add eggs one at a time, beating well after each addition. Stir in milk, oil, vanilla, and almond extract. Combine flour and baking powder; stir into milk mixture to form a dough.

Roll dough into 1-inch balls; roll the balls out on a lightly floured surface into 5-inch long ropes. Bring one end over the other, then underneath and through the middle, like a loose knot; place cookies 1 inch apart on the prepared cookie sheets.

Bake in the preheated oven until the bottoms of the cookies are golden brown, about 5 minutes on the bottom shelf, then 5 minutes on the top shelf. Transfer cookies to a wire rack to cool completely.

To make the icing: Beat confectioners’ sugar, butter, vanilla, and almond extract with an electric mixer in a large bowl until smooth; beat in milk, one tablespoon at a time. Add food coloring and stir until well combined.

Dip cooled cookies upside down into the icing then sprinkle with candy sprinkles.