The donut is a cake donut with a wild cherry-flavored icing and what appears to be sugar crystals (perhaps to give the donut an ice-like crunch) on top. Inside, the donut is speckled with bits of pink.
You can find the donut at 7-Eleven stores for 99 cents a piece (may vary) and, if you so choose, you can dunk it in your Slurpee.
You have to wonder if a donut-flavored Slurpee might come next...
Update 3/21/2016 - Out of curiosity, I tried the donut over the weekend, you can find my impressions here.
Photo via 7-Eleven.