In a large mixing bowl, combine the warm milk, warm water, and granulated sugar. Sprinkle the instant yeast over the top and let it sit for about 5 minutes until foamy.
Once the yeast is foamy, add the softened butter, 2 cups of flour, and salt. Stir with a wooden spoon until combined. Gradually add the remaining flour, a little at a time, until the dough begins to pull away from the sides of the bowl.
Transfer the dough to a floured surface and knead for about 5-7 minutes until it becomes smooth and elastic. If the dough is sticky, add a little more flour as needed.
Place the dough in a greased bowl, cover it with a kitchen towel, and let it rise in a warm place for about 1 hour, or until it doubles in size.
While the dough is rising, mix together the light brown sugar and ground cinnamon in a bowl. Set aside.
Once the dough has risen, punch it down and turn it out onto a floured surface. Roll it into a log and cut it into about 24 equal pieces.
Dip each piece into the melted butter, then roll it in the cinnamon-sugar mixture. Layer the coated pieces in a greased Bundt pan.
Cover the Bundt pan with a kitchen towel and let it rise again for about 30-45 minutes, or until the dough rises to the top of the pan.
Preheat your oven to 350 degrees F (175 degrees C). Bake the Monkey Bread for 30-35 minutes or until golden brown. The bread should sound hollow when tapped.
While the bread is baking, whisk together the powdered sugar and milk in a bowl to create a smooth glaze.
Once the Monkey Bread is out of the oven, let it cool for about 10 minutes. Invert the pan onto a serving plate, and drizzle the glaze over the warm bread. Serve immediately and enjoy the gooey goodness!
