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1. Place yeast, milk, and water into the workbowl of a stand mixer. Stir for a few seconds to moisten the yeast.
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2. Add 80 grams of flour and the egg. Mix to blend. Scrape down sides of bowl.
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3. Sprinkle remaining 160 grams of flour over the mixture. Cover and let stand 75-90 minutes.
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4. Add brown sugar, salt, and baking powder to the workbowl. Mix on low speed - just to blend.
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5. With machine on, add honey and vanilla. Then add the butter 30 grams at a time. Mix 4 minutes at medium-low speed. Let the dough rest for 1 minute and then continue to mix for 2 minutes. The dough will be sticking to the sides of the bowl or might loosely cling to the paddle.
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6. Scrape the dough into a large bowl, sprinkle lightly with flour and let rise at room temperature for 4 hours. This step is crucial for developing the flavor.
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7. REFRIGERATE FOR 20-30 MINUTES BEFORE PROCEEDING TO STEP #8.
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8. Stir the dough down (meaning: gently deflate the gases from the dough, by pressing on it with a rubber spatula), scrape it onto a piece of plastic wrap, and then use the spatula to press the dough into a long rectangle. Fold that rectangle over on itself (by thirds - like a letter) so that you have a square of dough. Wrap it in plastic, weigh it down a bit (I put two heavy dinner plates on top of it) and refrigerate overnight.
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9. Cut off 110 gram chunks, mix in 30 grams of pearl sugar by hand, and let rise for 90 minutes.
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10. If you have a professional waffle iron (meaning: it's cast iron and weighs over 20 pounds) cook at exactly 370 degrees (the max temp before sugar begins to burn/decompose) for approximately 2 minutes.*
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* If you have a regular waffle iron, heat the iron to 420 degrees, place the dough on the iron, and immediately unplug it or turn the temp dial all the way down. Otherwise, the sugar will burn.
