Mix the almond flour, coconut flour, psyllium husk, baking powder, cinnamon, and anise.
Stir in the mashed squash, eggs, 1 tbsp allulose, and salt to form a thick, pipeable batter.
Heat 2 inches of avocado oil in a pot to 350°F.
Pipe or shape the batter into rings and fry 2–3 minutes per side, until deep golden. Drain on paper towels.
Simmer the ½ cup allulose, water, cinnamon stick, cloves, and orange zest 8–10 minutes, until syrupy.
Drizzle the warm syrup generously over the picarones just before serving.