In a small bowl, dissolve yeast in warm water and set aside. In a large bowl mix the water, sugar, butter olive oil, salt, and egg. Add 2 cups of flour and mix until smooth. Add yeast mixture. Mix in remaining flour until dough is easy to handle. Knead dough on lightly floured surface for 5 to 10 minutes.
Place in well-greased bowl, cover and let rise until doubled in size, usually 1 to 1 1/2 hours.
When doubled in size, punch down dough. Roll out on a floured surface into a 15 by 9-inch rectangle.
Spread butter olive oil all over dough. Mix sugar and cinnamon and sprinkle over "buttered" dough. Sprinkle with walnuts and or raisins, if desired.
Beginning at the 15-inch side, role up dough and pinch edge together to seal. Cut into 12 to 15 slices.
Preheat the oven to 350 degrees F.
Coat the bottom of baking pan with 1/3 cup butter olive oil and sprinkle with brown sugar. Place cinnamon roll slices close together in the pan and let rise until dough is doubled, about 45 minutes. Bake for about 30 minutes or until nicely browned.