In a large bowl, dissolve yeast in warm water. Add the milk, sugar, butter, salt, eggs and 2 cups flour; beat until smooth. Stir in enough remaining flour to form a soft 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 hour.
Punch dough down. Turn onto a lightly floured surface; divide in half. Divide each portion into thirds. Roll each portion into a 16-in. x 3-1/2-in. rectangle. In a small bowl, beat peanut butter and butter until smooth. Spread down the center third of each rectangle. Fold dough lengthwise over filling; pinch seam and ends to seal.
Place three strips seam side down on a greased baking sheet; gently braid. Pinch ends to seal and tuck ends under. Repeat with remaining strips. Cover and let rise until doubled, about 1 hour.
Bake at 350° for 15-20 minutes or until golden brown. Remove from pans to wire racks to cool. Drizzle with glaze if desired.
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