In large mixer bowl combine 1 cup of the flour and the yeast.
In saucepan heat milk, sugar, 3 tablespoons butter or margarine, and salt just till warm (115° to 120°) and butter is almost melted, stirring constantly.
Add to flour mixture in mixer bowl; add egg.
Beat at low speed of electric mixer for 1/2 minute, scraping sides of bowl constantly.
Beat 3 minutes at high speed.
Stir in the remaining flour; beat well.
Turn out onto a lightly floured surface.
Cover and let rest for 30 minutes.
Roll dough into a 16 x10-inch rectangle.
Carefully spread the peanut butter lengthwise over half of the rectangle; spread jam or preserves over the peanut butter.
Fold dough lengthwise to make a 16x5-inch rectangle; seal edges.
Cut dough crosswise into sixteen 5x1-inch strips.
Loosely twist each strip and arrange in a greased 11x7 1/2 x 2 inch baking dish.
Brush strips with 1 tablespoon melted butter.
Cover and let rise in a warm place till double (about 114 hours).
Bake at 375° for 15 to 20 minutes.