In a small bowl, combine softened butter, brown sugar, and cinnamon. Unroll crescent rolls, press the triangles together to form squares. Spread 1 tablespoon full of butter mixture onto square, roll and press to seal. Cut in half and place in baking pan. Repeat with remaining squares. Bake for 10 minutes, until lightly browned.
Slowly mix powdered sugar and water together to create frosting. Drizzle over hot rolls before serving.