Bring the milk, water, butter, sugar and salt up to a full simmer over medium high heat. Reduce the heat to low and stir in the flour with a wooden spoon, stirring vigorously until the dough “cleans” the sides of the pot (no longer sticks). Scrape this mixture into a large bowl and use electric beaters or a stand mixer fitted with the paddle attachment and beat on medium speed for a minute or 2 to cool it a little.
Break two eggs into a small dish and whisk them just to blend a little. Add these to the flour mixture while still on medium speed and mix until blended. Add the remaining 3 eggs one at a time and mixing well after each addition.
Work with this recipe while the batter is still warm.