In a large bowl, pour yeast into lukewarm water. Stir and let sit for 5 minutes until bubbly. Mix in 1/2 cup melted butter along with the milk, sugar, salt and beaten eggs. Add flour 1 cup at a time, mixing well after each addition until the dough begins to feel stiff. Turn dough onto a lightly floured surface and knead for about 5 minutes until smooth and elastic. Place in a buttered bowl, cover, and let rise in a warm place for about 1 hour or until it has doubled in size.
While dough is rising, mix brown sugar and cinnamon in a small bowl. Once dough has risen, punch it down. Divide in half. Roll one half into a large rectangle. Spread dough with softened butter and sprinkle with half of the cinnamon/sugar mixture, and half the nuts and raisins if using. Repeat with the remaining dough.
Beginning at the long end, rollup the dough jelly-roll style, shape into a wreath and pinch ends to seal. Repeat with the second wreath. Place both on a buttered cookie sheet and use a sharp knife to slice each wreath into eighths, cutting three-fourths of the way down. Cover and let rise for 30 minutes.
Bake for 30 minutes in a preheated 350 degree oven. Mix the confectioner’s sugar and 2 to 3 tablespoons of milk to make the icing. Drizzle over the wreaths.
