Dissolve yeast in warm water. Stir in milk, sugar, salt, eggs, oleo and 2 1/2 cups of the flour. Beat until smooth, add enough remaining flour to make dough easy to handle. Knead 5 minutes on lightly floured board. Place in greased bowl, turn greased side up, cover, let rise in warm place until double, about 1 1/2 hrs. Punch dough down.
Shape into 1 1/2" balls. Dip into butter, then mixture of cinnamon, sugar, and nuts. Place single layer in well-greased 10" tube pan so they just touch. Sprinkle raisins all over and add another layer of balls.
Bake 35-40 minutes at 375°F. If top browns too quickly, cover with foil. Loosen from pan and invert onto serving plate so juices drizzle down.