Place water in large warm bowl. Sprinkle in yeast; stir until dissolved. Stir in milk, 1/4 cup butter, sugar, salt, egg and enough flour to make soft dough.

Knead on lightly floured surface until smooth and elastic, about 5 minutes. Place in bowl coated with cooking spray; spray top of dough with. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.

Punch dough down. On lightly floured surface, roll dough to a 14-inch square. Spread with remaining butter. Combine brown sugar and cinnamon; sprinkle over dough along with raisins and pecans. Roll up dough; pinch seam to seal, cut into 12 slices.

Spray large muffins cups or rectangular baking pan with cooking spray. Place slices in cups or pan; spray tops of buns with cooking spray. Cover; let rise in warm, draft-free place until doubled in size, about 30 minutes.

Bake in 375ºF oven about 20 minutes or until brown. Remove from pans to wire rack to cool. Glaze with honey if desired. Serve warm.