In large bowl, combine 1 1/2 cups flour, 1/4 cup sugar and salt, set aside.
In a sauce pan or bowl in microwave melt your butter and milk until warm. Let cool to about 110 degrees and add your yeast to proof.
Once yeast has proofed add your milk and butter mixture along with your egg to your flour mix.
Stir to combine add more flour 1/2 cup at a time until dough starts to pull away from bowl.
Dump out onto lightly floured surface and knead until dough is smooth and elastic adding in additional flour as needed, about 5 minutes.
Spray bowl with non-stick cooking spray and add your dough and cover and let rise in warm place until doubled.
Once doubled in size dump your dough out onto lightly floured surface and roll out into a 12"x15" rectangle.
Spread peanut butter over your dough until almost to sides, then dollop your jelly over top swirling around and spreading as good as you can.
From long side, roll your dough up, cut off edges and then cut into 12 equal rolls.
Place rolls cut side up in a greased 9"x13" pan and cover again and let rise until doubled.
Once risen preheat your oven to 350 and bake for about 20-25 minutes or until golden.
Remove from oven and let cool slightly.
Meanwhile to make your glaze combine all ingredients in bowl and mix adding more milk to get your desired consistency.
Once rolls are cooled slightly, spread your glaze over tops and then serve.