Bring 1 cup water, butter, and sugar to a boil in a heavy saucepan. Add flour, and cook, whisking constantly, 3 to 4 minutes or until mixture thickens. Remove from heat; cool.
Spoon mixture into a mixing bowl. Beat in eggs, 1 at a time, at medium speed with an electric mixer, beating well after each addition. Turn dough out onto a lightly floured surface.
Pat dough to 1/8-inch thickness, and cut dough with star- or dreidel-shaped cookie cutters.
Pour oil to depth of 1/2 inch; heat to 375°. Fry doughnuts, in batches, 3 to 4 minutes on each side or until golden. Drain on paper towels. Sprinkle with powdered sugar.
Microwave preserves in a glass bowl at HIGH 1 to 2 minutes or until thoroughly heated, stirring once. Serve doughnuts with preserves and Crème Fraîche.