To prepare dough
In a medium bowl, stir milk, water, butter, sugar, and yeast. Allow to sit for 5 minutes.
Meanwhile, combine flour and salt in bowl of stand mixer.
Add liquids to flour mixture and mix on low speed until dough forms a ball.
If dough is sticky, add more flour until dough clings to the hook.
Knead for 5 minutes on speed 4.
Grease a large bowl with butter.
Transfer dough to bowl, flip so that all sides are coated with butter.
Cover with plastic wrap and place in a warm area to rise for one hour. (Note: After this rising, my dough hadn’t risen much but had a tender texture.)
Place dough on a floured work surface and pat into a 8 or 9 inch square. Cut into 64 evenly sized squares.
To assemble monkey bread
Melt butter in a small bowl. Set aside.
Combine sugar and cinnamon in a second small bowl.
Grease bundt pan with butter.
Take one small square of dough, roll into a ball (doesn’t need to be perfect). Dip in butter, coating all of it. Roll in sugar mixture coating entire ball.
Place ball in bundt pan.
Repeat with 63 other pieces of dough, creating a bottom layer.
Add additional dough balls, distributing evenly.
Cover with plastic wrap and place in a warm area to rise for one hour. The dough should double in size.
Preheat oven to 350°F.
Bake for 30 minutes, or until the top is golden brown and the sugar mixture is bubbly at side of pan.
Cool for 5 minutes, then invert on serving plate.
If desired, create a glaze of powdered sugar and milk to drizzle on individual servings.