Time to engage in coitus, preferably in early morning hours. The act of creating holes in donuts.
"I know I'm having trouble at work this morning, but my old woman woke me up this morning and told me it was time to make the donuts."
Time to go to work. Applies generally, to any task/activity. Or, to leave home for one's place of employment. Usually expressed in a dreary, I'd-really-rather-stay-home-and-masturbate kinda way.
Man kisses wife as he grabs his keys. "Time to make the donuts."
A phrase used to discretely indicate to those around you that you are in need of a bowel movement, pronto.
Rob: Hey Mike! How's that coffee?
Mike: Good... Whoa! Time to make the donuts!