Place the milk, egg, butter, sugar, salt, bread flour, and yeast into a bread machine in the order recommended by the manufacturer. Select the Dough setting and start the cycle. Once complete, transfer the dough to a greased bowl, cover it with plastic wrap, and allow it to rise until doubled in size, approximately 1 to 1½ hours.

Grease two baking sheets or line them with parchment paper. Set aside.

Once the dough has risen, divide it into two equal portions. Roll each portion into a rectangle measuring approximately 12 x 16 inches. Spread each rectangle with 1 tablespoon of softened butter.

In a separate bowl, combine the ground cinnamon, brown sugar, and raisins. Sprinkle this mixture evenly over the buttered dough.

Starting from the long side, roll up the dough tightly in a jelly-roll fashion. Pinch the edges to seal. Carefully stretch and twist each roll into a ring shape, pinching the ends together to seal. Place seam-side down on the prepared baking sheets.

Using kitchen scissors, make cuts two-thirds of the way through the ring at 1-inch intervals. Gently pull and fan out each section slightly to form the traditional ring shape.

Cover the rings loosely with greased plastic wrap or a clean kitchen towel and allow them to rise until doubled in size, approximately 40 minutes.

Alternatively: Cover and refrigerate overnight. When ready to bake, allow the dough to come to room temperature for 30 minutes before proceeding.

Preheat the oven to 350°F (175°C). Arrange the racks so both baking sheets can fit evenly. Bake for 10 minutes, rotate the pans, and continue baking for another 10 minutes, or until the rings are lightly golden and the filling is bubbling.

In a small mixing bowl, combine the confectioners’ sugar, almond extract, and milk. Stir until smooth and desired consistency is achieved. Drizzle the icing generously over the warm rings, allowing it to set slightly before serving.