In a small saucepan heat and stir milk and butter until warm and butter almost melts. Cool to lukewarm (105 degree F to 115 degree F).
In a large mixing bowl dissolve the yeast in the 1/2 cup warm water. Stir in the milk mixture, 3-1/2 cups of the flour, 1/2 cup granulated sugar, eggs, and salt. Using a wooden spoon, stir in as much of the remaining flour as you can.
Turn dough out onto a lightly floured surface. Knead in enough of the remaining flour to make a moderately stiff dough that is smooth and elastic (6 to 8 minutes total). Shape into a ball. Place in a greased bowl, turning once to grease surface. Cover; let rise in a warm place until double in size (about 1-1/2 hours).
Punch dough down. Turn out onto a lightly floured surface. Divide dough in half. Cover; let rest for 10 minutes.
In a medium saucepan bring the 2 cups water to boiling; remove from heat. Add cherries; let stand 5 minutes. Drain, squeezing to remove excess water.
Roll half of the dough into a 15x9-inch rectangle. Sprinkle half of the Cinnamon Filling evenly over dough. Sprinkle with half of the cherries. Roll up, jelly-roll style, starting from a long side. Seal seam. Grease a large baking pan.
Place dough roll on prepared baking sheet. Attach ends together to form a circle; pinch seam to seal. Using a sharp knife, cut slits at 1-inch intervals around the ring. Gently turn each slice so one of the cut sides is down. Cover; let rise until nearly double in size (about 30 minutes). Repeat with remaining dough, remaining Cinnamon Filling, and remaining cherries.
Bake in a 350 degree F oven about 25 minutes or until tea rings sound hollow when you tap tops (The centers may be lighter in color. If necessary, cover rings with foil for the last 5 to 10 minutes of baking to prevent overbrowning). Transfer to wire racks; cool completely. Drizzle with Almond Glaze.
In a medium mixing bowl stir together 2/3 cup granulated sugar, 2/3 cup packed brown sugar, 1/3 cup all-purpose flour, and cinnamon. Using a pastry blender or fork, cut in 1/2 cup butter until crumbly.
In a small bowl stir together powdered sugar, corn syrup, vanilla, and almond extract. Stir in enough evaporated milk, half-and-half, or light cream to make drizzling consistency. If desired, stir a few drops red food coloring into half of the glaze. Makes 2 rings (24 servings).