Generously grease a 12-cup bundt pan with butter. Set aside.

In a small saucepan, combine the butter and brown sugar and heat until the butter has melted. Remove from the heat and whisk in the cream, corn syrup, vanilla, cinnamon and salt. Add the pecans and set aside.

In the bowl of a stand mixer fitted with the dough hook, combine 2 cups of the flour, the sugar, undissolved yeast and salt. In a small saucepan, heat the milk, butter and water until very warm (120ºF - 130ºF); stir into the flour mixture. Add in the eggs, then the cocoa powder and red food coloring. Add enough of the remaining flour just to make a soft dough. Beat for 3 to 5 minutes. Alternately, knead by hand on a lightly floured surface for 8 to 10 minutes. Place the dough on a floured surface, cover and let rest for 10 minutes.

Divide the dough into 32 pieces. Roll each piece into a ball. Pour 1/3 of the pecan mixture into the bottom of the prepared pan. Place 1/3 of the dough balls over the pecan mixture. Pour another 1/3 of the pecan mixture, followed by another 1/3 of the dough balls. Finish with the remaining pecan mixture then the remaining dough balls. Cover and let it rise in a warm, draft-free place until the dough rises to the top of the pan, about 45 minutes.

Preheat the oven to 375ºF. Bake for 45 minutes, covering with foil the last 15 to 20 minutes to avoid over-browning. Cool in the pan for 10 minutes, then turn out onto a serving plate.

While the bread is baking, prepare the icing. In a bowl, beat the cream cheese until smooth. Add in the powdered sugar and vanilla and beat to combine. Add in the milk, 1 tablespoon at a time, until you reach a drizzling consistency. Drizzle the icing over the bread after it has been turned out of the pan.