Combine 1 cup flour, 1 1/2 tablespoons sugar, salt, and yeast in large mixing bowl. Heat water and oil to very warm (120° to 130°); add to flour mixture. Blend mixture at low speed of electric mixer until moistened. Beat 3 minutes at medium speed. Stir in enough remaining flour to make a stiff dough.
Turn dough out onto a lightly floured surface, and knead 8 minutes or until smooth and elastic. Place dough in a greased bowl, turning to grease top. Cover and let rise in a warm place (85°), free from drafts, 1 hour or until doubled in bulk.
Punch dough down; stir in butter, egg, 1/4 cup plus 2 tablespoons sugar, cinnamon, raisins, and orange peel. Mix well. Spoon into a well-greased 6 1/2- cup ring mold. Cover and repeat rising procedure 45 minutes. Bake at 350° for 25 to 30 minutes. Remove from mold; drizzle glaze over warm cake.