In a medium bowl, combine 2 cups of flour with the warm water, milk, instant yeast, and sugar. Stir them well with a wooden spoon. Cover and let rest for 5 minutes.
Gradually add the remaining 3 cups of flour and continue to stir with a wooden spatula (you may need slightly more or less flour depending on the texture of the dough). Continue to stir until the dough forms a cohesive ball and is slightly sticky. (If desired, combine using a stand mixer with a dough attachment.)
Add the oil and salt and stir to combine.
Transfer the ball of dough to a floured surface and knead for around 10 minutes (use hands to continuously work the dough and stretch it out). Return dough to a greased bowl and tightly cover the bowl with plastic wrap. Set aside to allow dough to rise for at least 1 hour or until it doubles in size.
Preheat oven 425°F. If using a pizza stone, place stone in oven while still cold and allow it to heat to 500°F for at least 30 minutes.
Remove plastic wrap and use your hands to gently deflate the dough and transfer to a floured surface. Divide dough into 3 equal portions and form into balls. Cover dough balls and allow to rest for an additional 20 minutes. If desired, refrigerate 2 dough balls for later use.
Use a rolling pin or your hands to work the dough into a 12-inch circle. Pinch the edges to form a crust. Use a fork to poke holes all over the center of the pizza. Brush crust with olive oil.
Add desired toppings and bake until crust becomes golden (about 8-10 minutes using a pizza stone or 15-20 minutes on a pizza pan).