In a small bowl, whisk together the mayonnaise, ketchup and hot sauce. Cover and refrigerate the sauce until the fritters are ready to serve.
Make the fritters:
Preheat the oven to 400°F. Line a medium baking sheet with parchment paper.
Peel the sweet potato and slice it into ½-inch thick slices. Cut each slice into 4 pieces. Place the pieces into a medium bowl.
Add to the bowl 3 teaspoons of the oil, ¼-teaspoon of the salt and the pepper. Toss the potatoes to thoroughly coat them with oil and seasoning.
Pour the potatoes onto the prepared baking sheet and spread them to an even layer. Roast the potatoes for 20 minutes, until they are tender.
Remove the potatoes from the oven and transfer them to the bowl of a food processor. Purée the potatoes until they are smooth. Set them aside.
Finely dice the chorizo sausage and place it into a medium nonstick skillet. Add in 1 teaspoon of the canola oil. Cook the chorizo over medium heat, stirring often, until it is heated and beginning to get crispy - about 5 minutes.
Transfer the chorizo to a heatproof plate lined with a paper towel. Use the paper towel to absorb and blot away the grease. Set the chorizo aside to cool slightly.
Have a large frying pan ready on the stove and a metal slotted spoon or spatula. Nearby, place a cooling rack over a baking sheet and line the cooling rack with paper towels.
In the bowl of a stand mixer, whisk together the flour and baking powder. In a small bowl, beat together the eggs and milk. dry ingredients. Slowly mix the wet ingredients into the dry. Add in the cooked, mashed sweet potato and the chorizo. Mix the batter until all ingredients are combined.
In the frying pan, heat 3 cups of the canola oil to 330°F.
Add a scoop of the batter to the oil, using a 2-tablespoon sized scoop or spoon. The batter should spread a little in the oil. After it fries on one side for about 2 minutes, carefully turn it over in the oil using the metal spoon or spatula. Fry for another 2 minutes or so until both sides are browned. Remove the fritter from the oil with slotted spoon/spatula to the paper towel-lined rack.
Repeat these steps with the rest of the batter. Periodically check the temperature of the oil, and bring it back to 330°F if it has fallen or increased. NOTE: the batter should be thin enough that it spreads a little in the oil and cooks all the way through. Check your first 1 or 2 fritters: if they are still raw in the centers, then thin your batter with a little more milk.
Serve immediately while the fritters are warm, with the dipping sauce on the side. Refrigerate leftover fritters covered with plastic wrap. To reheat: place the fritters on a baking sheet and heat in a 400°F oven for 10 minutes.