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1. Whisk the milk, water, peanut butter, 1/4 cup of the granulated sugar and yeast together in a medium bowl. In the bowl of a standing mixer, stir together flour and salt using a dough hook. Slowly add the peanut butter mixture. Once the dough has come together, increase the speed to medium and mix until the dough is shiny and smooth, about 6 minutes. Shape the dough into a ball and place in a greased bowl, turning to coat all sides with oil. Cover with plastic wrap and let rise until doubled in size, about 50-60 minutes.
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2. Punch down the dough and place on a clean, lightly floured surface. Divide dough in half with a knife or bench scraper, and then divide again and again until you have 64 pieces. Roll each piece into a ball, dip in the melted butter and roll in the remaining 1 cup granulated sugar.
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3. Lightly spray a 10-12 cup bundt pan with cooking spray and put about a cup of mini marshmallows in the bottom of the bundt pan. Layer a row of dough balls on top of the marshmallows, then another layer of marshmallows followed by a layer of dough balls until all the dough is used. (You will not use all the marshmallows here. Reserve at least 2 cups for the glaze.) Cover the pan with plastic wrap and let rise about 40-50 minutes. The dough should rise an inch or so to about the edge of the pan.
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4. Heat oven to 350F and bake the monkey bread until the top is deep brown and sugar mixture coating the dough is melted and bubbling, about 35-40 minutes. (I usually cover mine with foil after 20 minutes so that the top won't burn before the middle is cooked.
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5. Cool in the pan 5 minutes, and turn out onto a plate and let cool about 10 minutes.
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6. Make the glaze by heating 2 cups of the remaining marshmallows with the 1/4 cup of milk over low heat, stirring to combine. Pour over monkey bread and serve warm. (You could be civil and cut into slices if you want, or just let people dig in with their hands.)
