In a small bowl, dissolve yeast in warm water. In a large bowl, combine milk, egg, sugar, butter, salt, yeast mixture and 1-1/2 cups flour; beat on medium speed 3 minutes. Stir in enough remaining flour to form a soft dough (dough will be sticky).
Turn dough onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease the top. Cover with plastic wrap and let rise in a warm place until doubled, about 1 hour.
Punch down dough. Turn onto a lightly floured surface; divide in half. Let rest 10 minutes. Roll each portion into a 12-in. circle; cut each into 12 wedges. Roll up wedges from the wide ends. Place 2 in. apart on ungreased baking sheets, point side down; curve to form crescents. Cover with kitchen towels; let rise in a warm place until almost doubled, about 30 minutes.
Preheat oven to 375°. Bake 8-10 minutes or until golden brown. Remove to wire racks; serve warm.
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