01 -  Grease a 10-inch bundt pan or tube pan thoroughly to prevent sticking. 
 02 -  In a large bowl, combine warm milk, granulated sugar, and active dry yeast. Allow mixture to stand for 5 to 10 minutes until foamy. 
 03 -  Stir in melted butter, eggs, and salt. Blend until uniformly combined. 
 04 -  Gradually add all-purpose flour, mixing continuously until a soft dough forms. Knead by hand or with an electric mixer for 5 to 7 minutes, resulting in a smooth and elastic texture. 
 05 -  Gently knead rainbow sprinkles into dough until evenly distributed. 
 06 -  Transfer dough to a greased bowl, cover, and let rest in a warm environment until the volume doubles, approximately 60 to 75 minutes. 
 07 -  In a small bowl, combine granulated sugar and ground cinnamon for coating. 
 08 -  In a separate bowl, use a fork to blend together all-purpose flour, packed light brown sugar, cold cubed butter, ground cinnamon, and a pinch of salt until a crumbly texture forms. Refrigerate until needed. 
 09 -  Punch down dough and portion into 1-inch pieces. Roll each portion into a smooth ball. 
 10 -  Dip each dough ball into melted butter, then roll in cinnamon sugar mixture to fully coat. Arrange evenly in the prepared baking pan. 
 11 -  Scatter streusel topping over the layered dough balls. 
 12 -  Cover the pan and let dough rise for 30 minutes, until balls are puffy. 
 13 -  Preheat oven to 350°F. Bake for 35 to 40 minutes until golden brown and fully set. Allow to cool in pan for 10 minutes before inverting onto a wire rack. 
 14 -  In a bowl, whisk together sifted powdered sugar, milk, and vanilla extract until a smooth glaze forms. 
 15 -  Drizzle vanilla glaze over warm bread and garnish with additional rainbow sprinkles. Serve warm.