Line a rimmed baking sheet with paper towels and place a rack on top; set aside.
In a medium bowl, whisk together the flour, cornmeal, baking powder, salt and sugar.
Add buttermilk, water and eggs; mix well.
Heat oil and butter in a cast iron skillet over medium-to-medium high heat and drop batter by ⅛ cup measure into the hot skillet to form small medallions.
Fry until brown and crisp, turn and brown the other side. Remove and let drain on rack.
Serve immediately with warm syrup or honey butter for breakfast, as a snack, or as a savory bread. Dip 'em in a mess o' greens to sop up that pot likker (juice from the greens)!
