Combine the milk, water, butter, sugar and salt in a medium saucepan over medium heat. Stir until the butter melts and all ingredients are well-combined.
Remove saucepan from heat and add flour. Stir until all the flour is incorporated and return saucepan over low heat for another 3-4 minutes or until a thick ball is formed. Cook for another minute.
Transfer to a large mixing bowl and allow dough to cool for several minutes. With electric mixer on low speed, add the eggs one at a time by mixing for 30 seconds between each egg. Stop mixing when texture becomes smooth and shiny.
Transfer the dough to a piping bag and pipe into 2 inch mounds and keep them around 3 inches apart. Smooth down the peeks with a moistened finger.
Bake for 20 minutes and, without opening the oven, lower the heat to 350 degrees for another 15-20 minutes or until a golden brown color is reached.
Remove from oven and let cool completely on a wire rack before filling.
Split open pastry and fill with the prepared whipped cream OR the homemade custard.