To make the dough, pour the flour, sugar, salt, and yeast into the bowl of stand mixer with dough attachment.
Turn on lowest speed for 30 seconds to evenly distribute.
Slowly drizzle in warm water, milk, melted butter, and eggs to the flour/yeast mixture all at once.
Beat on low to medium speed until the dough starts to pull away from the sides of the bowl. (about 3 minutes)
Add in sprinkles and mix for 30 more seconds, or until mostly distributed.
Remove dough from mixer, shape it into a ball with your hands and place it in a greased bowl that is at least twice as large as the ball of dough. Turn the dough over once to grease the entire surface.
Cover the bowl with plastic wrap that’s been sprayed with nonstick cooking spray. Let it rise until doubled in size. (You can also place in the refrigerator overnight.)