In a mixing bowl, dissolve yeast in warm water. Add milk, 1/3 cup sugar, oil, salt and 2 cups flour. Beat until smooth. Add raisins and enough remaining flour to form a soft dough. Turn onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease top. Cover and let rise in a warm place until doubled, about 1-1/4 hours.
Punch dough down. On a lightly floured surface, divide in half. Roll each into a 15x7-inch rectangle. Combine cinnamon and remaining sugar; sprinkle over dough. Sprinkle with water. Starting with a short side, roll up tightly, jelly-roll fashion. Pinch seams and ends to seal. Place, seam side down, in two greased 9x5x3-inch loaf pans. Cover and let rise until doubled, about 1 hour.
Bake at 350 degrees F for 30-35 minutes or until golden brown. Remove from pans to wire racks to cool completely. Combine glaze ingredients; drizzle over loaves.