In a large bowl, combine warm water, sugar and yeast. Let sit 5 - 10 minutes until foamy.
Stir in olive oil and salt.
Gradually mix in flour until a soft dough forms.
Turn out onto a floured surface. Knead 8 - 10 minutes until smooth and elastic.
Place dough in an oiled bowl, cover, and let rise in a warm spot for 1 - 1 1/2 hours, or until doubled.
Punch down dough.
Divide into 12 equal pieces.
Roll each piece into a rope, about 8 inches long. Tie each "rope" into a loose knot.
Place knots on a parchment-lined baking sheet. Cover lightly, and let rise 30 minutes.
Preheat oven to 400°F.
Brush knots lightly with olive oil.
Place pan in preheated oven. Bake 12 - 15 minutes until puffed and golden brown.
While knots bake, melt butter in a small saucepan.
Add minced garlic. Cook 1 minute until fragrant.
Remove from heat and stir in parsley and red pepper flakes.
Brush warm knots generously with garlic butter.
Sprinkle with grated Parmesan.
Serve immediately.