Pour the water into a large mixing bowl, sprinkle the yeast over, and stir. Let stand for 5 minutes to dissolve.
Stir in the salt, sugar, warm milk, 2 cups of the flour, and the oil. Stir briskly with a spoon for a minute to mix well. Add remaining 1 cup flour and stir to blend smoothly. Dough should be soft and supple. If it is still sticky, add just a bit more flour at a time and work it in until it has just lost its tackiness...but is still very soft.
Cover and let the double sit until doubled in size, ~1 hour.
Flour work surface and your hands and turn the dough out. Knead three or four times. Pat and push the dough out so it is ~¼" thick. Using 3" rings (or tuna cans with the bottom and top cut out) as a cutter, cut the dough out and place on a sheet that has been sprinkled with the cornmeal.
Cover lightly with a towel or plastic wrap and let rest for 30 minutes.
Heat a griddle until medium hot and film it with grease. Grease the inside of the rings and place them on the griddle. Put the muffins in the rings and cook over low to medium heat for 10 minutes on one side, and then flip and cook another 5 minutes on the other side. Slide onto wire racks to cool.