Stir together first 5 ingredients in a large bowl; cover and let rise in a warm place (85°), free from drafts, 1 hour.
Combine 1/2 cup sugar and cinnamon.
Turn dough out onto a well-floured surface; divide in half. Roll one portion into an 18- x 12-inch rectangle. Brush with half of butter; sprinkle with half of sugar mixture, half of raisins, and 1/4 cup pecans.
Roll up starting at long end; cut crosswise into 16 (1-inch-thick) slices. Place rolls into a lightly greased 13- x 9-inch pan. Repeat procedure with remaining rectangle. Cover and chill 8 hours.
Remove from refrigerator, and let stand 30 minutes.
Bake at 350° for 20 to 25 minutes or until golden; cool slightly.
Stir together powdered sugar, milk, and vanilla; drizzle over rolls. Sprinkle with remaining pecans.