In a large bowl, dissolve yeast in 1/4 cup warm milk. Add the oil, sugar, salt, 1-1/2 cups flour and remaining milk. Beat on medium speed for 3 minutes. Stir in enough remaining flour to form a soft dough.
Turn onto a lightly floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a bowl coated with cooking spray, turning once to coat top. Cover and let rise in a warm place until doubled, about 1 hour.
Punch dough down. Turn onto a lightly floured surface; roll into a 12-in. x 10-in. rectangle. Carefully spread corn syrup over dough to within 1/2 in. of edges. In a bowl, combine the brown sugar, cinnamon and nutmeg; sprinkle over corn syrup. Sprinkle with raisins. Roll up jelly-roll style, starting with along side; pinch seam to seal. Cut into 12 slices. Place cut side down in a 9-in. round baking pan coated with cooking spray. Cover and let rise in a warm place until doubled, about 40 minutes.
Bake at 350° for 25-30 minutes until golden brown. Cool on a wire rack. For glaze, in a bowl, combine confectioners' sugar, vanilla and enough milk to achieve drizzling consistency. Drizzle over cinnamon buns.