Set aside 1 cup flour. Mix remaining flour, yeast, sugar and salt in a large bowl. Heat milk, water and ¼ cup butter to 105-115F.
Stir liquids into flour mix stir to blend completely. Add the egg. Add enough of the reserved flour to make a soft dough that does not stick to the bowl.
Turn out onto floured surface and knead 5 times. Cover dough and let rise 10 minutes.
Mix brown sugar, cinnamon and butter together (amounts can be increased up to 1 ½ times given for extra sticky buns).
Gently roll dough into a 12 x 9inch rectangle. Spread with cinnamon mixture and sprinkle with raisins if desired.
Roll up from long side and pinch to seal the seam. Cut into 12 equal slices with a shard knife. Place cut side up in greased muffin tins.
Place muffin pan on baking sheet on top of a large shallow pan half filled with boiling water. Cover dough and let rise for 20 minutes.
Bake at 375F for 20 minutes or until browned. Remove from muffin tins immediately to cool. Serve warm.
