When in the Batmobile, hold
and
while in driving mode to drift either left or right in a doughnut. Do this for three minutes and the achievement will unlock.
EDIT:
Here is a game clip that I have recorded as a visual aid in case my description was unclear. Hopefully this helps some of you guys who are saying this isn't unlocking for you.
EDIT 2:
Driving at high speeds before going into the doughnut is reported to be working for some people, so if you are having problems unlocking this, attempt this method too.
(Thanks for the tip HalfEVILmonkey)