Set aside 1 cup flour. Mix remaining flour, yeast, sugar and salt in a large bowl. Heat milk, water and ¼ cup butter to 105-115 F. 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 a floured surface and knead 5 times. Cover dough and let rest 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 12x9 inch 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 sharp knife. Place cut side up in greased muffin tins. Place muffin pan on a baking sheet on top of a large shallow pan half filled with boiling water. Cover dough and let rise for 20 minutes.
Bake at 375 F for 20 minutes or until browned. Remove from muffin tins immediately to cool. Serve warm.
