In large mixing bowl, combine water and yeast; let stand 5 minutes. Stir in 2 cups flour, oil, salt and sugar.
When dough comes together, turn out onto a floured work surface. Knead, adding additional 1/3 cup flour as needed, until smooth and elastic (about 8 minutes). Transfer to a lightly oiled bowl; turn dough to coat with oil. Cover and let rise 20 minutes.
Punch dough down; cover and refrigerate 2 hours. If dough rises, gently punch down; divide into two sections. Let stand 10 minutes before shaping. Place dough on pizza pans and shape into two (12-inch) pizzas. Top with your favorite toppings.
Bake in a preheated 450°F oven 12-14 minutes or until desired doneness is reached.