Peanut-Honey Topping: Combine brown sugar and honey in a small bowl. Pour into two greased 9-inch round pans. Sprinkle with peanuts. Set aside.
Rolls: Combine 1 cup flour, 1/2 cup sugar, undissolved yeast and salt. Heat milk, water and butter until very warm (120° to 130°F). Stir into dry ingredients. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add egg and 1/2 cup flour; beat 2 minutes at high speed. Stir in remaining flour to make a soft dough. Knead on lightly floured surface until smooth and elastic, about 8 to 10 minutes. Let dough rest 10 minutes.
Divide dough in half. On lightly floured surface, roll each into a 14 x 9-inch rectangle. Brush with melted butter. Mix 1 cup sugar and cinnamon; sprinkle evenly over dough. Beginning at short end, roll up tightly as for jelly roll. Pinch seams to seal.
Cut into 1-inch slices; place cut side up in prepared pans. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour. Bake at 350°F for 30 to 35 minutes or until done. Invert immediately on platter. Cool.
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