In bread machine pan, place the first nine ingredients in order suggested by manufacturer. Select dough setting (check dough after 5 minutes of mixing; add 1 to 2 tablespoons of water or flour if needed).
When cycle is completed, turn dough onto a lightly floured surface. Knead in pecans and raisins. Roll into a 14x9-in. rectangle. Combine sugar and cinnamon; sprinkle over dough to within 1/2 in. of edges.
Roll up jelly-roll style, starting with a long side; pinch seam to seal. Place seam side down in a greased 10-in. fluted tube pan. Pinch ends together to form a ring. Cover and let rise in a warm place until doubled, about 40 minutes.
Bake at 375° for 30-35 minutes or until golden brown. Cool for 10 minutes before removing from pan to a wire rack. If desired, combine the confectioners' sugar, extract and enough milk to achieve desired consistency; drizzle over top.