Dissolve the yeast in 1 cup of WARM water. Allow to sit about 5 minutes. Stir to make sure all of the yeast is dissolved.
In a large bowl, add the yeast mixture to the powered milk, sugar, oil and egg.
Slowly add in 1 1/2 cups flour and work in until smooth. Gradually add 2 - 2 1/2 cups more flour until you get the dough to a good working consistency so that it is easy to handle. Cover and let rest for 5 minutes.
Knead the dough onto a floured surface until smooth. Put dough in a large bowl with lightly oiled sides. Cover and set in a warm place. Allow to rise until the dough has doubled in size.
On a floured surface, knead the dough until smooth and then roll it out into a large rectangle. Generously spread the room temperature butter over the top of the rectangle of dough.
In a small bowl, mix together the cinnamon and the sugar and sprinkle evenly over the top of the buttered dough.
Sprinkle the chopped pecan pieces evenly over the sugar-cinnamon mixture. (OPTIONAL)
Beginning at the widest side, roll up as evenly and tightly as possible. Cut into rolls at 1 inch intervals with kitchen twine.
Place on a greased cookie sheet or baking dish. Cover and set in a warm, dry place until doubled in size.
Bake in a preheated 350 degree oven for 20-30 minutes. Remove from the oven to begin to cool. While still warm , drizzle with the glaze.
TO PREPARE THE GLAZE: In a small mixing bowl, add vanilla to the sifted confectioner's sugar. VERY SLOWLY add warm water a teaspoon at a time until the mixture gets to a consistency to allow you to drizzle it over the warm cinnamon rolls. If you get it too thin, simply add more sugar.