Bring water to a boil, add cinnamon, cloves and aniseed, reduce heat, simmer 10 minutes, strain out spices, add pumpkin and sweet potato to water, simmer 10-15 minutes or until tender, strain; reserve 2 cups of cooking liquid.
Pass pumpkin and sweet potato through a fine mesh sieve into a large bowl; let cool.
Combine reserved cooking liquid, sugar and yeast; let proof 10-15 minutes.
Add salt, egg and yeast mixture to pumpkin mixture, blend thoroughly, fold in flour, mix until dough is smooth and no longer sticky, place bowl in a warm spot, cover with a damp cloth; let rise 1 hour or until doubled in volume.
Heat oil in a large, deep saucepan or deep fryer to 325°F (165°C).
Form tablespoons of dough into ring shapes (rinse hands in ice water from time to time), fry until golden, transfer to paper towels to drain.
Plating: Dip picarones in syrup before serving.