Activate the yeast: In a small bowl, combine the water, milk, sugar, and active dry yeast. Stir until combined, cover with cling film, and let it sit for 10 minutes until bubbles form on top of the surface.
Make the dough: In a large mixing bowl, combine the flour, salt, oil, egg, and yeast mixture. Mix the dough by hand until it comes together. Transfer the mixture to a floured surface and knead by hand to form a smooth and elastic dough.
Let the dough rise: Place the dough in a bowl and cover with a kitchen towel. Let the dough rise until it doubles in size, around 30 minutes.
Toast sesame seeds: Place the sesame seeds in a large skillet and heat over medium heat. Toast the sesame seeds until golden brown, stirring constantly. Transfer to a tray to cool.
Form the dough: Roll the dough into a cylinder of 20 inches. Divide the dough into 5 equal portions and roll each portion into a ball. Place on a sheet pan and cover with a kitchen towel.
Preheat your oven: Preheat your oven to 400 degrees F and line a baking sheet with parchment paper.
Shape the dough: Roll each dough ball into a 50-inch-long tube. Cut the tube in half and place them next to each other. Pinch the ends and roll the tubes in opposite directions to form a spiral rope. Shape it into a 5-inch diameter ring and pinch the ends to seal. Repeat with the remaining dough. An alternative method is to roll out each dough in a 40-inch tube, fold it and twist it.
Rest the simit rings: Transfer the rings onto the parchment paper-lined baking sheet and let them rest for 30 minutes.
Prepare simit for baking: Place the molasses in a large shallow plate and whisk with the water. Dip each twisted dough in the molasses and cover from both sides. Dip the simit in toasted sesame seeds until fully coated from both sides. Transfer the sesame-seeded simis onto the baking sheet.
Bake: Bake the simits in the preheated oven for 15 to 20 minutes or until golden brown, making sure to rotate them halfway through the baking process.