Mix the flour, yeast, sugar and salt together in a standing mixer fitted with dough hook.
In a measuring jug, heat together the milk, water, butter and heat until lukewarm, and the butter is melted.
Turn the machine on low and slowly add the milk mixture. Mix for 2 minutes to wake up the yeast.
Increase the speed to medium and mix until the dough is shiny and smooth, 6-8 minutes. The dough is supposed to be saggy and on the wet side.
Rub a large bowl with vegetable oil (or any flavorless oil). Place the dough in the bowl and turn to coat lightly.
Cover the bowl with plastic wrap and let the dough rise until doubled, 1 ½ -2 hours.
Make the caramel:
By combining the ingredients in a pot and heating until the sugar dissolves and the butter melts. set aside to cool.
To form the bread:
Gently remove the dough from the bowl and knead lightly on a floured surface knocking out the air.
Using a bench scraper or knife, cut the dough into big and small pieces, a nice mix.
For the secret ingredient: Smear some cream cheese in the middle of some dough pieces (do as many as you want)
Wrap the dough around the cream cheese sealing it in a ball. Pinch to secure closed.
In a large bowl mix together the sugar and cinnamon and toss in your dough pieces covering each piece generously.
In a Bundt pan, drizzle in a layer of the caramel sauce and ⅓ of the pecans.
Layer in ½ of the dough pieces.
Repeat the second layer by scatter on another ⅓ of the pecans and go another round with the caramel sauce.
Top off with the remaining dough pieces, pecans and the last of the caramel sauce.
Cover the Bundt pan tightly with plastic wrap and let the monkey bread rise for 25-30 minutes or until puffy and they have risen 1-2 inches from the top of the pan.
If making the day before, refrigerate the bread once assembled, and then bake the next day.
Heat the oven to 350 degrees F.
Unwrap the pan and bake for 35-40 minutes or until the top is beautifully brown and caramel begins to bubble around edges.
Cool the monkey bread in the pan for 5 minutes (any longer and the bread will be too sticky and hard to remove!), then turn out on a platter or large plate and allow to cool slightly, about 10 minutes. Enjoy straight away!