Heat the milk to take the chill off. Remove from the heat.

Scale all the dry ingredients into a work bowl.

Add the milk and the water to the mixing bowl of your stand mixer, add the eggs, butter, and the remaining ingredients and mix on low for 4 minutes.

Move the speed to medium and mix until the dough start to become smooth and almost cleans the bottom of the bowl.

Lightly butter a large bowl, place the dough in the bowl and turn to coat with the butter. Cover with plastic wrap and let rise in a warm place until doubled in volume, about 2 hours. When risen, de-gas and divide dough in half.  Let dough stand 15 minutes.

Preheat oven to 375 degrees F (190 degrees C). Grease 2 cookie sheets or line with parchment paper.

To Make Filling: Combine the brown sugar, ground cinnamon, chopped pecans, 74 g flour and 80 g raisins. Pour 114 g melted butter over the cinnamon mixture and mix until crumbly.

Roll dough halves out into 12 X 8 rectangles. Spread the filling evenly over the dough and roll up each half tightly like a cinnamon roll, beginning at the wide side. Bring the ends of each roll together to form 2 rings. Carefully place each cake on a prepared cookie sheet. With a serrated knife, make cuts through the top layer of the cake on the evens as the face of a clock. Let rise in a warm spot until doubled in size, about 45 minutes.

Bake in for 10 minutes, then reduce the oven temperature to 350 degrees. Bake an additional 20-25 minutes or until internal temperature reaches 180 degrees F.

Frost while warm.

Mix the confectioner’s sugar with just 1 tablespoon of hot water. If the icing is too thick, add a teaspoon of hot water to the icing until it is just spreadable. Sprinkle Mardi Gras colored sugar on top, alternating so each of the three colors gets on.