Warm the milk and butter until the butter melts, then let the mixture cool to lukewarm. Stir the yeast and granulated sugar into the warm water and let it stand for 5-10 minutes, until foamy.

Combine the foamy yeast mixture with the milk mixture, eggs, salt, and nutmeg. Add the flour gradually until a soft, slightly tacky dough forms.

Knead the dough by hand or with a dough hook for 8-10 minutes, until smooth and elastic. Place it in a greased bowl, cover it, and let it rise in a warm place for about 1 hour, or until doubled.

Mix the brown sugar, flour, cinnamon, melted butter, pecans, and raisins to make the filling. Roll the risen dough into a rectangle approximately 10 x 30 inches and spread the filling over it, leaving a small border.

Roll the dough tightly from the long side to create a rope. Join the ends to form a ring, pinch the seam firmly, and transfer the ring to a greased baking sheet.

Cover the shaped ring and let it rise for another 30-45 minutes. Meanwhile, heat the oven to 375°F (190°C).

Bake the king cake for 25-30 minutes, until golden brown and baked through. Cool it completely before adding the icing.

Stir the confectioners’ sugar, water, and lemon juice into a thick drizzle, adding only enough extra water to reach the right consistency. Spread or drizzle the icing over the cooled cake.

Immediately decorate the icing with alternating sections of purple, green, and gold or yellow colored sugar. Allow the icing to set briefly before moving the cake.

Insert the plastic baby or food-safe token into the underside of the cooled cake. Never bake a plastic token inside the dough; alternatively, serve it separately and let the recipient place it in a slice.