Unroll dough; separate dough into 4 rectangles. Firmly press perforations to seal.
Spread 1 tablespoon butter evenly over each dough rectangle. In small bowl, mix granulated sugar and cinnamon. Sprinkle evenly over rectangles. Sprinkle each with raisins. Starting with short side of each rectangle, roll up; pinch edges to seal. With serrated knife, cut each roll into 5 slices. Place slices, cut side down, in ungreased 8- or 9-inch square pan.
Bake 17 to 23 minutes or until golden brown. Cool 5 minutes.
Meanwhile, in small bowl, mix powdered sugar & milk until smooth. Drizzle over rolls. Serve warm.