Activate Yeast: Dissolve 1 tablespoon sugar and 2 1/4 teaspoons yeast in 1 cup warm water. Let sit for 10 minutes until frothy.
Make Dough: Combine 4 cups flour and 1 1/2 teaspoons salt in a large bowl. Add yeast mixture and 1/4 cup olive oil. Mix until dough forms.
Knead Dough: Knead on a floured surface for 10 minutes until smooth and elastic.
First Rise: Place dough in an oiled bowl. Cover with a damp cloth and let rise for 1 hour until doubled in size.
Shape Simit: Punch down dough and divide into 8 pieces. Roll each piece into a 20-inch rope. Fold rope in half, twist, and form a ring. Press ends together to seal.
Prepare Coating: Preheat oven to 400°F (200°C). Mix 1/2 cup molasses and 1/2 cup water in a bowl. Place 1 cup sesame seeds in another bowl.
Coat Simit: Dip each ring in the molasses mixture. Then dip in sesame seeds to coat.
Bake Simit: Place rings on a parchment-lined baking sheet. Bake for 15-20 minutes until golden brown.
Cool and Serve: Let cool on a wire rack. Serve warm or at room temperature.