In a bread machine, combine lukewarm milk, beaten egg, butter, white sugar, salt, bread flour, and dry yeast, and use the Dough cycle. Transfer the mixed dough to a greased bowl, cover with plastic wrap, and let rise until doubled, 1 to 1.5 hours.

Grease 2 baking sheets or line them with parchment paper.

Divide the dough into two halves and roll each into a rectangle, approximately 12x16 inches.

Spread softened butter over each dough rectangle. Combine ground cinnamon, brown sugar, and raisins, then sprinkle this mixture evenly on the buttered dough.

Roll up each rectangle jelly-roll style along the long side, pinch edges to seal, and form into rings. Pinch the ends to seal. Place them seam-side down on prepared baking sheets. Use scissors to cut 2/3 way through loaf at 1-inch intervals and spread each cut slightly.

Cover each ring with a towel or greased plastic wrap and let rise until doubled, about 40 minutes.

Preheat oven to 350°F (175°C) with racks positioned to fit both baking sheets.

Bake rings for 10 minutes, rotate the sheets, then bake for another 10 minutes or until light brown with filling bubbling.