In a mixing bowl, dissolve yeast in water. Add milk, sugar, oil, egg, salt and 4 cups flour; beat until smooth. Add enough remaining flour to form a soft dough. Knead on floured surface until smooth and elastic, about 6 to 8 minutes. Place in greased bowl; turn once to grease top. Cover and let rise in warm place until double in size, about 1 hour.
Punch the dough down. For each bear, shape a 2 inch ball for the body. Add a 1-1/4 inch ball for the head and six 1/2 inch balls for the ears, arms and legs. Place 2 inches apart on greased baking sheets. Cover and let rise in warm place until double in size, about 20 minutes. Bake at 400 °F for 17 minutes or until golden brown. Cool on wire racks. Add raisins for the eyes, anchoring with a dab of frosting. Add a frosting smile. In another mixing bowl, beat honey butter ingredients until fluffy. Refrigerate; serve with rolls.