PREPARATION:
- Combine warm water and yeast in 1-quart bowl. Stir to dissolve yeast. Add 1 cup flour, evaporated milk, sugar, 1 egg and salt. Beat mixture with whisk to make smooth batter. Blend in melted butter. Reserve.
- Fit processor with steel blade. Measure 3 cups flour and cold butter slices into work bowl. Process on/off 15 to 20 times until butter is in pieces no larger than kidney beans. Transfer mixture to large mixing bowl. Stir in remaining 1-1/2 cups flour.
- Pour yeast mixture over flour mixture. Stir with wooden spoon or rubber spatula just until all flour is moistened. Cover tightly and refrigerate until thoroughly chilled, at least 4 hours or up to 3 days.
- Turn dough onto lightly floured surface. Knead about 6 times. Divide dough into 4 equal parts. Shape 1 part at a time, keeping others in refrigerator.
- Roll each part on well-floured surface into circle about 17 inches in diameter. Cut into 8 equal pie-shaped wedges. Roll up each wedge starting at wide end and rolling towards point. Place on ungreased cookie sheets about 1-1/2 inches apart. Curve ends of each roll to form crescent shapes.
- Cover loosely with plastic wrap and let stand in warm place (85°F) until doubled in bulk, 1 to 1-1/2 hours.
- Heat oven to 325°F. Beat remaining egg and cold water with fork. Brush mixture over each roll. Bake until golden, 20 to 25 minutes. Remove immediately from cookie sheets to wire rack. Serve warm.