In a large bowl, dissolve yeast in warm water. Add 1/2 cup sugar, 1/2 cup butter, milk, salt, eggs and 2-1/2 cups flour. Beat until smooth. Stir in enough remaining flour to form a stiff dough.
Turn onto a floured surface; knead until smooth and elastic, about 6-8 minutes. Place in a greased bowl, turning once to grease top. Cover and let rise in a warm place until doubled, about 1-1/4 hours.
Punch dough down. Turn onto a floured surface; divide in half. Roll each into a 24x13-in. rectangle; spread 2 tablespoons butter and 1/4 cup peach preserves to within 1/2 in. of edges. Combine the pecans, cinnamon and remaining sugar. Sprinkle over preserves.
Roll up, jelly-roll style, starting with a long side; pinch seam to seal. Place, seam side down, on two greased baking sheets; curve each roll to form a crescent. With a sharp knife, make a lengthwise slash a third of the way through the center of each to within 2 in. of each end. Spoon 1/4 cup preserves into each roll.
Bake at 350° for 20-25 minutes or until golden brown. Remove from pans to wire racks to cool.
Every editorial product is independently selected, though we may be compensated or receive an affiliate commission if you buy something through our links. Ratings and prices are accurate and items are in stock as of time of publication.