Combine milk, 1/2-cup butter, sugar and salt in a saucepan; heat until butter melts. Cool to 105 to 115 degrees; 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 degrees), free from drafts, about 1 hour and 20 minutes or until doubled in bulk. Roll into 1 1/2-inch balls; dip each in melted butter.
Layer balls of dough in a 10-inch one-piece tube pan or Bundt pan. Cover and let rise about 45 minutes or until doubled in bulk. Bake at 375 degrees for 35 minutes. Cool in pan 5 minutes; invert onto serving plate.