PREPARATION:

1. Pour 1 inch of oil into heavy, deep 10-inch skillet. Heat oil to 350°F.
2. Combine pancake mix, milk, egg and 1 tablespoon oil in medium bowl. Do not overmix. Put 2 tablespoons batter into funnel or squeeze bottle; swirl into hot oil to form cobwebs. Fry over medium-high heat 1 to 2 minutes or until bubbles form. Using tongs and slotted spatula, gently turn and fry 1 minute or until brown. Drain on cookie sheet lined with paper towels.
3. Repeat with remaining batter. If necessary, add more oil to maintain 1-inch depth, but heat oil to 350°F again before frying more batter.
4. Meanwhile, mix powdered sugar, cinnamon and chili powder in small bowl. Sprinkle over cobwebs. Place cobwebs on serving platter with Dipping Sauce.