Melt butter in water. Very slowly add mixture to slightly beaten eggs. Pour liquids into dry ingredients. Mix well. Turn onto floured surface and knead 10 min. (add more flour if needed as you work.) Place dough in greased bowl. Cover and let rinse until doubled. Place dough in greased bowl. Cover & let rise until doubled. Punch down. Divide dough into 4 pieces. Roll each piece, one at a time, into long rectangle about 6 inches wide. Sprinkle pepperoni and cheese. Roll up like a jelly roll from the long edge. Cut into 2 rolls. Place on greased cookie sheet. Let rise. Bake at 350 degrees for 20-25 min. or until browned. Remove from oven and brush w/ milk to keep crust soft. Place on paper towels to cool.