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A chaffed/inflamed anus, normally due to walking too much in a moist environment. Called a spicy donut because in order to cure it you must either glaze or powder it.
Guy 1: Dude I worked a double today and totally have a spicy donut
Guy 2: Put some neosporin or gold bond on that nasty shit yo.
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When a guy with an inflamed penis (due to numming agents such as lube or other gels) puts his Penis through a hole of a donut and has his partner proceed to eat the donut off the penis, thus the spicy donut jawn.
guy 1: Dude my girl did the spicy donut jawn on me last night
guy 2: bro no way!