In a large bowl, mix yeast and water; let stand 5 minutes to soften. Add milk, sugar, butter, salt, egg and 2 cups of flour. Beat with an electric mixer or spoon until smooth. Gradually beat in enough of the remaining flour to make dough easy to handle.
On a floured board, knead dough until smooth, about 5 minutes. Turn dough over in a greased bowl, cover with plastic wrap, and let rise in warm place until doubled, about 1 1/2 hours. (Or cover dough and let rise in the refrigerator at least 8 hours or up to 2 days).
Punch dough down and roll out on floured board into a 12x14-inch rectangle. Brush with 2 tablespoons butter. Combine brown sugar and cinnamon; sprinkle crosswise over half the rectangle. Fold plain half onto sugared half and press gently to seal.
Cut rectangle into 12 strips. Roll strips into smooth 20-inch ropes. Place ropes well apart on greased baking sheets and twist like pretzels; tuck ends under. Cover with plastic wrap; let rise in a warm place until puffy, (about 25 minutes; 35 minutes if cold).
Bake at 350 degrees until golden brown, about 12 minutes. Drizzle with glaze while still warm. Makes 12.
Glaze: Beat powdered sugar, 1 tablespoon margarine and 1 tablespoon water until smooth. Use at once.