Combine 1 cup flour, sugar, undissolved yeast and salt in a large mixer bowl. Heat water, milk, and butter until very warm (120° to 130°F). Gradually add to flour mixture. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add 1/2 cup flour and eggs; beat 2 minutes at high speed. Stir in enough remaining flour to make a soft dough. Knead on lightly floured surface until smooth and elastic, about 8 to 10 minutes. Cover; let rest 10 minutes.
Divide dough into 2 equal portions; roll into 16 x 12-inch rectangle. Combine peanut butter and butter until smooth. Spread dough with half of the peanut butter mixture and strawberry jelly. Beginning at short end, roll up tightly as for jelly roll; pinch seam to seal. Cut into 12 equal portions; place, cut side up, in greased 9-inch square pan. Repeat with second portion of dough. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.
Bake at 375°F for 20 to 25 minutes or until done. Remove from pans; cool on wire racks. Drizzle with Powdered Sugar Glaze; sprinkle with chopped peanuts.
Powdered Sugar Glaze: Combine powdered sugar and 3 to 4 tablespoons milk. Stir until smooth.