In a mixing bowl or food processor, cream butter and cream cheese together until smooth, scraping the sides of the bowl, as needed.

Knead in flour a little at a time until dough holds together in a soft ball. Do not overwork the dough.

Divide dough into two balls, wrap in plastic wrap and refrigerate for at least 4 hours.

Preheat the oven to 350°F.

Mix together 1/2 cup of the sugar, raisins, cinnamon and walnuts in a bowl; set aside.

Working on a floured surface with a floured rolling pin, roll one ball of dough into a large round as thin as possible. If dough is sticky, dust with a little flour.

Using a knife or pastry wheel, cut each round into 16 pie-shaped wedges.

Sprinkle each wedge with a bit of the raisin mixture.

Beginning at the wide edge of each piece of dough, roll up dough toward the point.

Curve rolls into little crescents and place them, point-side down, on well-greased baking sheets.

Carefully sprinkle with a small amount of remaining 1/4 cup sugar, then repeat process with second ball of dough.

Bake for 20 to 25 minutes, or until golden.