To make the glaze, place 1/4 cup butter and 1/3 cup evaporated milk in a small saucepan. Bring to a simmer. Remove pan from heat and stir in the vanilla extract, followed by 1/3 cup mini morsels. Stir to melt the morsels into the mixture. Stir in powdered sugar and mix until combined. Transfer glaze to wide-mouthed bowl. Dip the pan side of each donut into the glaze. Return donuts to cooling rack, glaze side up. Place 2 eyeball candies on glazed side of each donut. Insert 2 pretzel antlers into each donut above the eyes. Add additional glaze to the center hole of each donut. Place the gumdrop/jelly bean into the centers. Let glaze firm before enjoying.