In a large bowl, combine warm milk, yeast, and a pinch of sugar. Let sit for 5-10 minutes until foamy.

Stir in melted butter and eggs. Gradually add flour, salt, and remaining sugar. Mix until a soft dough forms.

Knead the dough on a floured surface for 5-7 minutes until smooth and elastic.

Place dough in a greased bowl, cover, and let rise in a warm place for 1-1.5 hours, or until doubled in size.

Punch down the dough and roll it out on a floured surface to about 1/2 inch thickness.

Using a 3-inch round cutter, cut out dough circles. Then, using a 1-inch cutter, cut a hole in the center of each circle.

Place the donut rings on parchment-lined baking sheets.

Let the donuts rise for another 20-30 minutes.

Preheat oven to 375°F (190°C).

Bake for 10-15 minutes, or until golden brown.

While donuts are cooling, prepare the glaze by whisking together powdered sugar, milk, and vanilla extract until smooth.

Once the donuts are slightly cooled but still warm, spread peanut butter on one half of the hole and jelly on the other half. Press together gently to create the 'uncrustable' effect.

Dip the top of each donut into the glaze, letting excess drip off. Place back on a wire rack to set.