Dissolve yeast in warm water; set aside. In a large bowl of mixer with dough hook attachment, mix milk, sugar, melted butter, salt and egg. Add 2 c flour and mix until smooth. Add yeast mixture alternating with remaining flour. Mix until smooth. Pour dough onto a floured flat surface and knead 5 minutes. Place in a oiled bowl, cover and let rise until doubled in size (about 2 - 2 1/2 hours).
When doubled in size, punch down dough. Roll or press out dough with fingers until approximately 15 x 9 inch rectangle. Spread melted butter all over dough. Mix sugar and cinnamon and sprinkle over butter. Sprinkle with raisins or pecans if desired. Beginning on long, 15 inch, side roll up. Pinch dough at seam and ends to seal. cut into 12 slices.
For the pan:
Pour 1/4 cup melted butter into your baking pan and sprinkle 1/4 cup sugar over butter.
Place sliced cinnamon rolls almost touching in pan and allow to rise until doubled in size, about 45 minutes.
Bake 23 to 25 minutes or until golden brown.
Meanwhile, beat together ½ cup butter and cream cheese with your electric mixer on low. Add confectioner sugar, vanilla, and milk. Mix until smooth.