Combine yeast and 1/4 cup warm water in a 1-cup liquid measuring cup; let stand 5 minutes. Combine yeast mixture, remaining 3/4 cup warm water, flour, sugar, and salt in a large bowl; beat with a mixer at medium speed until well blended. Cover and chill at least 8 hours.
Punch dough down. Turn out onto a heavily floured surface, and knead 3 or 4 times. Shape dough into 36 (1-inch) balls.
Brush balls with melted margarine, and layer in a 12-cup Bundt pan coated with cooking spray. Cover and let rise in a warm place (85°), free from drafts, 40 to 45 minutes or until doubled in bulk.
Preheat oven to 350°.
Bake at 350° for 30 to 35 minutes or until golden. Serve warm.