It's a rosette iron for concessionaires at things like fairs and festivals. Dip it in the tray, put in the hot oil, the push the button and off it comes. Really big though.
Here's one company,
http://www.victorproducts.com/ . Their label is on mine.
I've attached a picture of another one that I saw recently on eBay from another maker, Kettle King.
A link to their Facebook page and a video showing it in action.
https://www.facebook.com/photo.php?v=10150917577624375&set=vb.196966127025999&type=2&theaterKind of fun.
Their are 4 design patents in the late 1970's, early 1980's.
D257112 (the one I have), D259383, D260128, and D290803. The last 3 refer to page 29 of Wagner catalog 30 (1924), page 29. You can see why if you look.