In a saucepan over medium-high heat, brown 2 tablespoons of butter, letting it bubble up and turn a dark golden brown but being careful not to allow it burn. Once browned, remove the pan from the heat and carefully add the milk, return to stove and heat through. Pour the milk and butter into the bowl of standing mixer (fitted with a dough hook) and allow to cool so it is no longer hot but also not cool (about 100-110 degrees F).

Once it has reached a warm but not hot temperature add the yeast and ¼ cup of sugar and allow to proof (this can take up to 8 minutes, the top will look foamy and the liquid cloudy). Then add the pumpkin, salt, and 1 cup of flour. Stir until combined then add the rest of the flour ½ cup at a time and knead for 6 minutes, until the dough is smooth and elastic and just slightly sticky. If the dough is too moist, add extra flour 1 tablespoon at a time.

Move the dough to a lightly oiled bowl and cover it with a clean towel. Allow it to rise in a warm place for 60-90 minutes or until doubled in size.

While the dough is rising, prepare the cinnamon sugar mixture by browning another 2 tablespoons of butter in a saucepan, then adding the sugar, cinnamon, and nutmeg. Mix well and set aside.

Grease and flour a 9×5 loaf pan.

Once the dough has doubled in size, gently punch it down to release any trapped air. Transfer the dough onto a clean floured surface and knead it with your hands for 1-2 minutes. Roll the dough into a 20×12 inch rectangle.

Sprinkle the cinnamon sugar mixture over the dough, using the palms of your hands to press it in gently. Cut the rectangle into 6 strips, then lay the strips on top of each other. Cut each strip into 6 even squares. Stack the strips vertically into the prepared loaf pan.

Cover the pan with a clean towel and allow the dough to rise for another 30-45 minutes.

Preheat the oven to 350 degrees Fahrenheit (180 degrees Celsius). Once the dough has risen in the pan, bake for 30-40 minutes, or until the top is a very deep golden brown.

While the bread is baking, prepare the glaze by heating the butter, milk, and brown sugar until it comes to a boil. Remove from heat and stir in the rum and powdered sugar.

Once the bread is baked, let it cool slightly in the pan for about 10 minutes. Transfer the bread onto a wire rack to cool completely. Drizzle the prepared glaze over the top.