Combine milk, 1/2 cup butter, sugar, and salt in a saucepan; heat until butter melts. Cool to 105° to 115°; add yeast, stirring until dissolved. Place flour in a large bowl; add milk mixture, and stir until well blended.
Cover and let rise in a warm place (85°), free from drafts, 1 hour and 20 minutes or until doubled in bulk. Punch dough down. Roll dough into 1 1/2-inch balls; dip each ball in melted butter.
Layer balls of dough in a 10- inch tube or bundt pan. Cover and repeat rising procedure 45 minutes or until doubled in bulk. Bake at 375° for 35 minutes. Cool in pan 5 minutes; invert onto serving plate.