In a large bowl, dissolve yeast in water; let stand for 5 minutes. Add the milk, 1/2 cup sugar, oil, salt, eggs, extract and 2 cups flour; beat well. Stir in enough remaining flour to make a soft dough.
Turn onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease top. Cover and let rise in a warm place until doubled, about 1 hour.
Punch the dough down. Turn onto a floured surface, roll out into a 1/4-in.-thick rectangle. Spread with 2 tablespoons butter and sprinkle with 1/3 cup of the remaining sugar. Fold dough in half lengthwise; roll out to 1/4-in. thickness. Spread with 2 tablespoons butter and sprinkle with 1/3 cup sugar.
Fold in half widthwise; roll to 1/4-in. thickness. Spread with remaining butter and sprinkle with 1/3 cup sugar. Fold in half lengthwise; roll out to an 18x10-in. rectangle. Combine the cinnamon and remaining sugar; sprinkle half over the dough to within 1/4 in. of all edges.
Roll up jelly-roll style, starting with a short side; pinch seam to seal. Cut into 1/2-in. slices and place on greased baking sheets (four to six slices per sheet). Cover with waxed paper and flatten with palm of hand. Sprinkle with remaining cinnamon-sugar. Let stand for 30 minutes.
Bake at 400° for 12-15 minutes or until golden brown. Immediately remove from pans to wire racks to cool.