Preheat the oven to 350°F.

Place the sugar and cinnamon in a plastic Ziploc bag.

Remove the biscuits from one can and cut each biscuit into quarters (a total of 32 pieces).

Place the biscuits, a few pieces at a time, in the plastic bag and shake until well coated. Continue until all pieces are coated.

Place the 32 pieces of biscuits into the bottom of a well-greased Bundt pan.

Mix the ¼ cup of peanut butter and softened cream cheese together until smooth.

Dollop the peanut butter and cream cheese mixture over the first layer of biscuits going all the way around the pan.

Repeat steps 2 to 4 with the remaining can of biscuits layering the sugar-coated biscuits on top of the layer of peanut butter/cream cheese biscuits.

In a large microwavable bowl, melt the butter. Add the remaining sugar from the plastic storage bag to the melted butter and stir until sugar dissolves.

Pour this mixture over the biscuits. Shake the pan to distribute the mixture all around the biscuits.

Bake for 35 minutes in the preheated oven.

Rest the pan on the counter for 10 minutes before flipping it onto a serving plate.

Add powdered sugar and peanut butter to a small bowl. Mix with a mixer until smooth.

Add the milk one tablespoon at a time until you reach a slightly thick, pourable consistency.

Pour over the plated monkey bread. Save a little extra to pour over individual pieces if desired.