GREASE two 9-inch-round baking pans.
ROLL 1 bread loaf into 16 x 10-inch rectangle on lightly floured surface. Combine sugar and cinnamon in small bowl; sprinkle 2 tablespoons over dough leaving 1/2-inch border around sides. Sprinkle with 1 cup morsels and 1/2 cup nuts.
ROLL up dough starting at short end; seal edges. Cut into 6 slices; place cut side up in prepared baking pan. Repeat with remaining bread loaf, sugar mixture, morsels and nuts; place in second prepared baking pan. Cover; let rise in warm place until dough almost fills pans.
PREHEAT oven to 350° F.
BAKE for 25 to 30 minutes or until deep golden brown. Cool slightly in pans on wire racks.
COMBINE powdered sugar and milk in small bowl to make a stiff glaze. Drizzle over cinnamon rolls.