Scald milk and allow to cool to lukewarm. Dissolve yeast in scalded milk in a large bowl. Beat in sugar, salt, 1/2 cup of the melted butter, flour and egg.
Let double in a warm place and punch down. On a floured board, divide and form dough into 1 1/2" to 2" balls.
Mix remaining 1/4 cup melted butter with oil and dip each piece in a Arrange in a a 9-inch ring mold or bundt pan and let rise until almost double. Bake 400F for 18-30 minutes or until golden brown. Turn hot pan over a plate and allow ring to drop out.