01 - Combine warm milk, warm water, sugar, and yeast in a large bowl. Let stand for 5–10 minutes until frothy. Add melted butter, eggs, and salt. Gradually incorporate flour until a soft dough forms. Knead for 8–10 minutes until smooth and elastic. Place in a greased bowl, cover, and let rise in a warm place for 1–1.5 hours until doubled in size.
02 - Melt butter in a saucepan over medium heat. Add peaches, brown sugar, cornstarch, cinnamon, and nutmeg. Cook, stirring constantly, until peaches are soft and mixture thickens, about 5–7 minutes. Remove from heat and let cool completely.
03 - Mix brown sugar and cinnamon in a small bowl until well combined.
04 - Punch down risen dough and roll out on a floured surface into a 16x12-inch rectangle. Spread softened butter evenly over dough. Sprinkle with cinnamon sugar mixture, then distribute cooled peach filling over the top.
05 - Roll dough tightly from the long side. Slice into 12 equal pieces and place in a greased 9x13-inch baking dish. Cover and let rise for 30–45 minutes until puffy.
06 - Bake at 350°F for 25–30 minutes until golden brown and cooked through. Allow to cool slightly in the pan.
07 - Whisk powdered sugar, milk, vanilla, and salt until smooth. Drizzle over warm rolls before serving.