Heat the milk in a (2 Qt.) saucepan just until bubbles form around the side of the pan. Remove from the heat. Stir in the molasses and butter. Allow to cool until just warm. Place the warm ((105 degrees-115 degrees) water in a medium bowl. Sprinkle the yeast over. Stir. Set aside to soften for 5 minutes. Beat the egg into the yeast mixture. Add the flours and salt, alternating with the warm milk mixture, stirring with a wire whisk until well blended. Cover the batter with a cloth and let rise in a warm place, away from drafts, until doubled in size (about 45 minutes). Heat the waffle iron. Ladle enough batter into the waffle iron to cover two third of the grid. Use a spatula to spread the batter to the edges. Close the cover. Cook until the steaming stops. Use a fork to remove the waffle from the iron. Continue with the remainder of the batter.