Dissolve the yeast in the warm water. Meanwhile, mix the flour and sugar with the dough hook in a stand mixer.
Add the yeast mixture, eggs and evaporated milk. Knead using the dough hook in the stand mixer for 5 minutes.
Add the butter and knead for another 5 minutes or until smooth, shiny and elastic. Let the dough rest for 5 minutes. Meanwhile mix the 1 cup butter, cinnamon and sugar to make the filling. Grease a 9×13 tray with a little softened butter.
Gently roll out the dough into a large rectangle. Spread the filling on the rectangle. Roll the dough into a long cylinder. Cut into 24 pieces and arrange on the tray. Cover with a cloth and let the buns rise for 2 hours.
Preheat the oven to 350 degrees Fahrenheit. Bake for 20-25 minutes or until lightly brown.
Cool for half an hour. Make the frosting by mixing the melted butter and vanilla with the sugar into a paste. Add milk and stir until it reaches pouring consistency. Pour and spread the frosting over the buns.
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