Dissolve yeast in water. Mix in remaining ingredients, using enough flour to form a soft sponge. Cover bowl loosely with plastic wrap. Refrigerate overnight.
When ready to bake, remove from refrigerator. Uncover. Let stand for 10 minutes.
Preheat oven to 375 degrees. Form balls and place on prepared baking sheet. Bake for 30-35 minutes. Remove from pan and cool on rack.
You may also use this recipe to make doughnuts, frying them in hot oil.