Warm the milk and water to lukewarm (about 100–110°F). Stir in 1/4 cup sugar and sprinkle the instant yeast over the top. Let sit 3–5 minutes until slightly foamy.

In a large bowl, whisk together 3 3/4 cups flour and 1 tsp salt.

Add the yeast mixture and 2 tbsp softened butter to the flour. Mix until a shaggy dough forms.

Knead (by hand 8–10 minutes or in a stand mixer with dough hook 5–7 minutes) until smooth and slightly tacky. Add a touch more flour if the dough is too sticky.

Place dough in a lightly oiled bowl, cover, and let rise until doubled — about 60 minutes in a warm spot.

Melt 2 tbsp butter in a small saucepan over low heat. Remove from heat and whisk in 1/8 cup cocoa powder and 1/8 cup heavy cream to make a spreadable chocolate paste. Stir in 1/3 cup chocolate chips so they soften but don’t fully melt.

Mix 1/4 cup graham cracker crumbs separately to add crunch and keep the centers from getting soggy.

On a floured surface, roll the risen dough to a 12×16-inch rectangle.

Spread the chocolate-cocoa filling evenly over the dough, leaving a small margin on one long edge.

Sprinkle the graham cracker crumbs evenly over the filling.

Starting from the long edge, roll tightly into a log. Pinch the seam to seal.

Slice into 9–12 rolls using a sharp knife or dental floss. Place in a greased 9×13 or similar pan, cover lightly, and let proof 20–30 minutes until puffy.

Preheat oven to 350°F (175°C).

Bake rolls on the middle rack for 20–25 minutes, until tops are golden and centers set but still gooey.

Remove from oven and let cool 5–10 minutes before topping.

In a clean, dry bowl, whisk 2 room-temperature egg whites, 1/8 tsp cream of tartar, and a pinch of salt to soft peaks.

Gradually add 1/2 cup granulated sugar while whipping to firm, glossy peaks. Beat in 1/4 tsp vanilla (reserve remaining 1/4 tsp for assembly).

Spoon or pipe meringue over slightly cooled rolls. Use a kitchen torch to toast the meringue until golden, or place under a hot broiler for 30–90 seconds while watching closely.

After toasting, sprinkle any extra graham crumbs and a few chocolate chips for presentation.

Let the meringue set 2–3 minutes, then serve warm.