Preheat an electric griddle to 350 degrees or heat a large cast iron or nonstick skillet over medium heat.
Combine pancake mix, (cinnamon, if using) water, and mashed bananas in a large bowl, stirring just until moistened.
Melt butter in a very small bowl in the microwave for 30 seconds. Add the vegetable oil and stir well. Brush a little of this mixture in a circle on the griddle for each pancake.
Pour about 1/4 cup batter per pancake onto the greased circles in the skillet. I use a 1/4 cup dry measuring cup.
Cook 2 to 3 minutes or until tops are covered with bubbles and edges look cooked when lifted with a spatula. If the edges look brown before the tops are bubbly, your heat is too hot.
Carefully turn pancakes over with a spatula that won’t scratch the nonstick surface; cook about 1 minute more or until bottoms are lightly browned.
While pancakes cook, whisk together powdered sugar and milk. (Add additional milk if icing is not able to “drizzle” to your liking.
Stack 2, 3, or 4 pancakes on a plate (depending on your appetite) and drizzle with icing. (2 pancakes is a typical serving)
OPTIONAL: In keeping with the King Cake tradition, you can place a tiny plastic baby between the layers of pancakes for someone to find. Or, a whole almond or other nut can be used. Tradition has it that whoever finds the prize inside was pronounced King or Queen. More recently, the tradition is that person is responsible for bringing a King Cake next year.
Sprinkle with purple, gold, and green sanding sugars-found with the sprinkles on the cake decorating aisle. Pancake syrup can also be used. This recipe makes 9 (4-inch) pancakes using a 1/4-cup measuring cup to spoon out the batter.