Combine potato and onion in a colander and let them drain for 30 minutes, pressing with the back of a spoon until barely moist. Combine that mixture with flour and the next 4 ingredients (through egg) in a large bowl and toss well.

Heat a big skillet over medium-high heat. Add 2 tablespoons of olive oil to the pan, and swirl to coat. Spoon 1/4 cup of the potato mixture loosely into a dry measuring cup. Pour the mixture into the pan, and flatten slightly. Repeat that procedure 5 more times to form 6 latkes total. Sauté for 3 1/2 minutes on each side or until golden brown. Take the latkes out of the pan, and keep warm. Repeat this procedure with the remaining 2 tablespoons of olive oil and potato mixture to yield another 6 latkes, for 12 altogether. Combine applesauce and ground cinnamon in a bowl. Serve applesauce with latkes.