Dissolve yeast in warm water. Add milk, eggs and 5 tablespoons melted butter; stir in 1/4 cup sugar, salt and 3 cups flour. Beat on medium speed for 3 minutes. Stir in enough remaining flour to form a firm dough.
Turn onto a floured surface; knead until smooth and elastic, 6-8 minutes. Place in a greased bowl, turning once to grease the top. Refrigerate, covered, overnight.
Punch dough down; shape into 40 balls (about 1-1/4 in. diameter). Pour remaining melted butter in a shallow bowl. In another shallow bowl, combine cinnamon and remaining sugar. Dip balls in butter, then roll in sugar mixture.
For caramel, bring brown sugar, butter and cream to a boil in a small saucepan over medium heat. Cook and stir 3 minutes. Pour half of the caramel into a greased 10-in. fluted tube pan; layer with half the pecans and half the dough balls; repeat. Cover and let rise until doubled, about 45 minutes.
Preheat oven to 350°. Bake until golden brown, 30-40 minutes. (Cover loosely with foil for last 10 minutes if top browns too quickly.) Cool 10 minutes before inverting onto a serving plate.
For optional glaze, beat cream cheese and butter until blended; gradually beat in confectioners’ sugar. Add enough milk to reach desired consistency. Drizzle glaze over warm bread.
