Combine milk, egg, vanilla in a large bowl. In a separate bowl, combine the flour and sugar and gradually add to wet ingredients. Beat with a mixer until the batter is smooth, then fold in the melted butter with a spatula. Slowly pour the batter into a squeeze bottle. Heat the oil in a large skillet over medium heat (350 degrees). For each funnel cake, squeeze 1/2 cup of batter into the oil while making figure-eight motions. You can also pour the batter into a funnel and use that instead of the squeeze bottle. Just use your finger to stop the flow of batter. Fry for 2-4 minutes on each side or until golden brown. Let the funnel cakes cool on paper towels, then sprinkle with powdered sugar. Top with scoops of ice cream, hot fudge, nuts, sprinkles and a cherry on top.
