Heat milk to about 110-115°F. Stir in butter, but it doesn't have to completely melt. Pour into a large bowl and add sugar and yeast. Stir to combine and set aside for about 5 minutes or until yeast starts to bubble. Add egg and mix well. Add salt and 2 cups of flour and stir to combine. Add remaining flour, 1/2 cup at a time, until dough comes together and pulls away from the sides of the bowl.
Pour onto a well-floured surface and knead dough for 3 to 5 minutes, adding more flour as needed, until dough is no longer sticky and is soft and elastic.
Cover dough and allow to rise 45 minutes to 1 hour until dough has doubled in size.
Coat 2 pie plates with non stick spray or butter.
Punch down the dough, pressing out the air bubbles. Roll into a rectangle, about 12x15- inches.
Mix peach preserves and cinnamon together in a small bowl. Spread evenly over dough. Carefully roll from the long side and pinch the edge seam to seal.
Cut into 1-inch rolls (use a very sharp knife, dough cutter or unflavored dental floss). Place in prepared pie plates. Cover loosely and allow to rise about 30 minutes.
Meanwhile, preheat the oven to 375°F.
Bake for 22- 25 minutes or until golden brown and rolls are cooked through in the center. Set pie plates on cooling racks.
Mix milk, powdered sugar and cinnamon together until smooth, adding additional powdered sugar as necessary to achieve desired consistency. Spoon over rolls. Allow rolls to cool slightly and serve warm, or serve at room temperature.