1. Cook 5 bacon slices in a medium skillet over medium heat 5 to 6 minutes or until crisp; drain bacon on paper towels, reserving 2 Tbsp. drippings in skillet. Crumble bacon. Sauté onion in hot drippings over medium-low heat 12 to 15 minutes or until golden brown.
2. Pour oil to depth of 3 inches into a Dutch oven; heat to 375°. Combine cornmeal, flour, sugar, onion, and bacon. Add egg and buttermilk; stir just until moistened. Let stand 10 minutes.
3. Drop batter by rounded tablespoonfuls into hot oil, and fry, in 3 batches, 2 to 3 minutes on each side or until golden. Keep warm in a 200° oven.