Heat 1 1/2 cups milk and 1 cup butter to 120° to 130° in a medium saucepan.

Set aside to cool slightly.

In a large mixing bowl, combine 1/2 cup sugar, yeast, salt, and 2 cups flour.

Gradually add warm milk mixture, beating at medium speed for 2 minutes.

Add eggs, vanilla, and 2 1/2 cups flour; beat 2 minutes.

Gradually add remaining flour to make a soft dough (dough should remain soft and slightly sticky).

Turn dough out onto a lightly floured surface and knead for 5 minutes until smooth and elastic.

Cover and let rest 10 minutes.

Shape dough into a ball; place in a well-greased bowl, turning to grease top.

Cover and let rise in a warm place (85°F), free from drafts, for 1 1/2 hours or until doubled in bulk.

Punch dough down and turn out onto a lightly floured surface.

Divide into three equal portions.

Roll one portion of dough into a 21- x 7-inch rectangle.

Melt 2 tablespoons butter and brush evenly over dough, leaving a 1-inch margin.

Combine remaining sugar and cinnamon.

Sprinkle 1/3 cup sugar mixture over dough.

Sprinkle 1/2 cup raisins and 1/2 cup pecans evenly over dough, leaving a 1-inch margin.

Roll up dough jellyroll fashion, beginning at long side; pinch edges to seal.

Place roll on a large, greased baking sheet, seam side down; shape into a ring, and pinch ends together to seal.

Repeat procedure with each dough portion.

Make cuts in dough with kitchen shears at 1-inch intervals around ring, cutting two-thirds of the way through roll with each cut.

Gently turn each piece of dough on its side, slightly overlapping slices.

Repeat procedure for each dough portion.

Cover and let rings rise in a warm place (85°F), free from drafts, 30 minutes or until doubled in bulk.

Bake at 375°F for 20 minutes or until golden brown.

Transfer to a wire rack to cool.

Combine powdered sugar and 1/4 cup milk to make a glaze.

Drizzle glaze over rings.

Slice and serve warm.