Make the dough: To the bowl of a stand mixer fitted with the paddle attachment (or make and knead by hand using a large mixing bowl; plan to knead for about 10 minutes), combine all ingredients other than milk; set aside.
Add milk to a glass measuring cup and warm to 120 to 130°F, about 45 seconds on high power in the microwave.
Pour the milk over the ingredients in the mixing bowl and knead on low speed for about 7 minutes (10 minutes by hand). If after 5 minutes dough is very sticky and it seems more flour is needed, add more flour, 1 tablespoon at a time, until the dough clears the side of the bowl, but sticking to the bottom is okay. The dough is sticky and tacky, although not excessively so.
After kneading, turn the dough out into a large, greased bowl, cover with plastic wrap, and let it rise in a warm, draft-free place for about 2 hours, or until doubled in size.
Spray a 9- or 10-inch pie plate or similar sized baking dish with cooking spray; set aside.
After the dough has doubled, punch it down, turn it out onto a floured surface or silicone mat and knead it for about 3 minutes. With a rolling pin, roll dough into approximately an 18x12-inch rectangle. Spread butter evenly over the surface. Add the jelly and spread evenly, leaving a small margin along edges.
Starting with a long side, roll to form a tight cylinder. Slice the cylinder into 8 to 10 evenly sized pieces using a bench scraper, serrated knife, or plain unflavored dental floss (works great to not squish and compact the log). Jelly will escape out; it's to be expected.
Arrange the rolls in the prepared baking pan. Cover with plastic wrap.
Allow the rolls to rise in a warm, draft-free place until nearly doubled, about 60 to 75 minutes. (See note for overnight option.)
Preheat oven to 350°F.
Bake at 350°F for 25 to 30 minutes, or until lightly golden on top and cooked through. If you notice your rolls are becoming darker before centers are cooking through, covering with foil in the second-half of cooking will reduce over-browning.
Make the glaze: Combine all ingredients in a small bowl and beating until smooth, either with a whisk or a mixer. Play with ratios of all ingredients to suit your taste.
After baking, generously drizzle glaze over the warm rolls. Serve immediately.