In your mixer's bowl, combine yeast, sugar, salt and water; mix on low just to combine.
Add 1/2-cup flour and softened butter; mix until blended.
Add remaining flour and continue to mix for 2 minutes.
Grease a large bowl with oil; transfer dough to the bowl and turn it so to coat with the oil.
Cover with plastic wrap and a kitchen towel; set aside and let rise for 1 hour, or until doubled in size. For a faster rise, it helps to set the bowl on top of a warm oven.
Preheat oven to 375-degrees Fahrenheit.
Line a baking sheet with parchment paper and set aside.
Transfer dough to a lightly floured working area and punch it down.
Roll out the dough to a 12-by-16 inch rectangle.
Using your fingers, spread 2 tablespoons butter over the dough.
Sprinkle with cinnamon.
Sprinkle with light brown sugar.
Add small pieces of remaining butter over the filling.
Begin to roll the dough away from you; roll it tightly into a log.
Grab the ends and bring them together to form a ring; pinch the seams together.
Cutting partially through, slice the ring into 1-1/2 inch slices and set aside.
Prepare the egg wash by combining egg and water in a small bowl; whisk lightly.
Brush the ring with the egg wash.
Bake for 30 to 35 minutes, or until golden brown.
In the meantime, prepare the Vanilla Glaze.
Place all the ingredients in a small saucepan and cook over medium-heat, stirring constantly just until combined and no lumps appear.
Remove from heat and let cool.
Remove Cinnamon Roll Wreath from oven and let stand a few minutes.
Drizzle with Vanilla Glaze.