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PREHEAT oven to 375°F. Microwave caramels and milk in microwaveable bowl on HIGH 1-1/2 to 2 min. or until caramels are completely melted, stirring after each minute. Pour into well-greased 8-inch round pan; top with 1/2 cup nuts.
UNROLL crescent roll dough; separate into 2 rectangles. Press perforations in each rectangle together to seal. Mix remaining nuts, sugar, cinnamon and raisins; sprinkle over dough rectangles. Roll up each rectangle, jelly-roll fashion, starting at one short end; cut each into 4 slices. Place, cut-sides down, in prepared pan. (Sprinkle with any sugar mixture that may have fallen out of rolls.)
BAKE 17 to 20 min. or until lightly browned. Immediately invert pan onto plate; remove pan. Spread any caramel from pan over buns. Cool slightly.