Combine 2 cups flour, 1/4 cup sugar, dry yeast and salt in a large mixer bowl and stir until blended. Combine milk, water and butter in a microwave-safe bowl. Microwave on HIGH in 15 second increments until very warm but not hot to the touch (120° to 130°F. Butter won’t melt completely). Add to flour mixture with egg.
Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add 1 cup flour; beat 2 minutes at high speed, scraping bowl occasionally. Stir in just enough remaining flour so that the dough will form into a ball.
Knead on lightly floured surface until smooth and elastic and dough springs back when lightly pressed with 2 fingers, about 6 to 8 minutes. Cover with a towel; let rest for 10 minutes.
For filling, combine sugar and cinnamon in a shallow bowl.
Cut dough into 36 pieces. Dip each piece into the melted butter and then roll in the cinnamon sugar mixture. Place in fluted tube pan that has been generously sprayed with cooking spray. Combine any remaining butter and sugar and drizzle over rolls. Cover with towel; let rise in warm place until doubled in size, about 45 minutes.
Bake in preheated 375ºF oven for 25 to 30 minutes or until rolls are golden brown. Cool 5 minutes in pan, then invert on serving plate.
For glaze: Beat cream cheese and butter with a mixer until creamy. Stir in powdered sugar, milk, vanilla and salt. Mix until well combined. If a thinner consistency is desired, add additional milk, one tablespoon at a time. If a thicker consistency is desired, add more powdered sugar, one tablespoon at a time. Drizzle over bread or serve on the side for dipping. Store any remaining glaze in the refrigerator.
