For the Dough:

Adjust an oven rack to medium-low position and heat oven to 200F.  When oven reaches 200F, turn it off.  Butter Bundt pan with softened butter.  Set aside.  Coat large non-plastic bowl with oil.  Set aside.  In a large measuring cup, mix together milk, water, melted butter, sugar, and yeast.

*To make by hand:

Mix flour and salt in large bowl.  Make a well in the mixture, then add milk mixture to it.  Using a wooden spoon, stir until the dough becomes shaggy and is difficult to stir.  Turn out onto lightly floured work surface and begin to knead, incorporating shaggy scraps back into dough.  Knead until dough is smooth and satiny, about 10 minutes.  Shape into a taut ball.  Place dough in prepared bowl and turn to coat all surfaces of the dough with oil.  Cover bowl with plastic wrap and place in warm oven until dough doubles in size, 50 to 60 minutes.

*If you have a stand mixer:

Mix flour and salt in standing mixer fitted with dough hook.  Turn machine to low and slowly add milk mixture.  After dough comes together, increase speed to medium and mix until dough is shiny and smooth, 6 to 7 minutes.  Turn dough onto lightly floured counter and knead briefly to form smooth, round ball.  Place dough in prepared bowl and turn to coat all surfaces of the dough with oil.  Cover bowl with plastic wrap and place in warm oven until dough doubles in size, 50 to 60 minutes.

For the Sugar Coating:

While dough is rising, mix brown sugar and cinnamon together in a bowl.  Place melted butter in a second bowl.  Set aside.

To Form the Bread:

Gently remove dough from bowl, and pat into a rough 8" square.  Using bench scraper or knife, cut dough into 64 pieces (cut into 8 pieces in each direction).  Roll each dough piece into a ball.  Working one at a time, dip balls in melted butter, allowing excess butter to drip back into bow.  Roll in brown sugar, then layer balls in Bundt pan, staggering seams where dough balls meat as you build layers.

Cover Bundt pan tightly with plastic wrap and place in turned-off oven until dough balls are puffy and have risen to 1-2" from top of pan, 50 to 70 minutes.

Remove pan from oven and heat oven to 350F/175C/Gas 4.  Unwrap pan and bake until top is deep brown and caramel begins to bubble around edges, 30-35 minutes.  Cool in pan for 5 minutes - NO MORE - then turn out on platter and allow to cool slightly, about 10 minutes, then apply the glaze.

For the Glaze:

While bread cools, whisk sugar and milk in small bowl until lumps are gone.  Using whisk, drizzle glaze over warm monkey bread, letting it run over top and sides of bread.  Serve warm.