Cream sugars with butter. Beat in eggs. Add oil. Combine dry ingredients together, and then gradually add them to the mixture. Mix in vanilla and almond extract.Split dough into five, even-sized balls and one smaller ball (this will be the black one). Add food coloring to each of the dough balls until desired color is achieved. Gel food coloring gives you more intense colors than liquid.Use a container the same approximate width of your donkey/burro piñata cookie cutter, and line it with plastic food wrap. Split all of your colored dough balls in half (except the black) and begin layering the dough in the container, starting with the black dough on the bottom. Alternate the colors so that you end up with two layers of each color by the time you're done.Cover the layered dough and freeze for four hours or overnight. This is the perfect time to conserve your creative juices for what lies ahead.
Put the middle cookie on top of the frosting glue and add the M&Ms to the open center. Put another outline of frosting glue on the middle cookie and place the opposite-cut piñata cookie on top (so that the pretty side is facing out). Let these sit and harden for at least 30 minutes before you stand them upright.