Combine 1-1/2 cups flour, undissolved yeast, and salt in a large mixer bowl. Heat evaporated milk, water, honey, and butter until warm (120 to 130°F) - butter may not melt completely. Gradually add to flour mixture; beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add eggs and 1/2 cup flour; beat 2 minutes at high speed. Add enough remaining flour to make soft dough. (Tip: the soft dough stage is reached when the dough forms a ball and clears the sides of the bowl. It will still be sticky.)
Generously spray a deep bowl with cooking spray; place in bowl and turn once to grease top. Cover tightly with plastic wrap that has been sprayed with cooking spray. Refrigerate for 2 hours or up to 24 hours. During this time, the dough will "micro-knead" itself.
Remove dough from refrigerator; punch down. Remove to lightly floured surface. Divide dough into 15 equal pieces. Cover with a kitchen towel while you make each bunny to prevent the dough from drying out.
Roll each piece to 20-inch rope. Divide each rope into the following: 1 (12-inch), 1 (5-inch), and 3 (1-inch) strips. Coil the 12-inch strip to make body; coil 5-inch strip to make head. Attach head to body; pinch to seal. Shape remaining 3 strips into ears and tail and attach to body and head. Insert raisins for eyes. Place on 2 large greased baking sheets. Cover; let rise in warm place until doubled in size, about 30 to 40 minutes.
Bake in a preheated 375°F oven for 12 to 15 minutes. Remove from sheets to wire racks.
Honey Glaze: Combine honey and butter in a small saucepan. Cook over low heat until butter melts, stirring occasionally.
Brush bunnies with Honey Glaze while warm. If desired, brush again with glaze before serving.