No, not the delicious donuts. A Krispy Kreme is a term used to describe body builders. This is due to the oily, shiny skin body builders often have. This oiliness vaguely resembles that of the delectable glaze one would find on a Krispy Kreme donut.
When you have an orgasm that is so good, you will completely fill up the vagina with all of the cream you can produce. Often resulting in making any woman tap-out.
Jack and Jill were having the best sexual inter course and when he finished, Jack filled up her vagina with his Krispy Kreme style Orgasm.