Cream butter with 1/3 cup flour. Roll butter mixture between 2 sheets of waxed paper into 12 x 6 inch rectangle. Chill over night. Soften yeast in warm water. Heat 3/4 cup milk, granulated sugar, and salt until sugar dissolves. Cool until luke warm, turn milk mixture into large mixing bowl. Add softened yeast and 1 egg. Beat well. Stir in 2 cups of the flour; beat well. Stir in as much of the remaining flour as you can mix with a spoon. Turn onto lightly floured surface. Knead in enough remaining flour to make moderately stiff dough that is smooth and elastic (3-5 minutes). Let rest 10 minutes.
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Place on ungreased baking sheets, point down; curve ends. Cover, let rise until double (30-45 minutes). Beat egg yolk with one tablespoon milk; brush onto rolls. Bake at 375 degrees for 12-15 minutes or until golden brown. Remove from baking sheets soon after they are removed from the oven.
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