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For Bread:
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In small saucepan, heat and stir milk and butter until warm and butter almost melts.
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Cool to lukewarm (105-115 degrees F).
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In large mixing bowl, dissolve yeast into 1/2 cup warm water.
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Stir in milk mixture, 3 1/2 cup flour, 1/2 cup sugar, eggs, and salt.
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Use wooden spoon to stir in as much of remaining flour as possible.
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Turn dough out onto lightly floured surface.
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Knead in enough of remaining flour to make a moderately stiff dough that is smooth and elastic (about 6-8 minutes total).
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Shape into ball and place into greased bowl, turning once in order to grease entire surface of dough.
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Cover and let rise in warm place until doubles in size about 1-1 1/2 hours.
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Punch dough down.
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Turn out onto lightly floured surface.
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Divide dough in half, cover and let rest for 10 minutes.
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In medium saucepan, bring 2 cups of water to boiling, remove from heat.
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Add cherries and let stand for 5 minutes.
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Drain, squeezing out excess water of cherries. Set aside.
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In medium mixing bowl, mix 2/3 cup granulated sugar, 2/3 cup brown sugar, 1/3 cup flour, and cinnamon.
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Cut 1/2 cup butter into mixture until crumbly and set aside.
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Roll half of dough into 15 x 9 rectangle.
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Sprinkle half of the cinnamon filling evenly over dough.
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Sprinkle with half of cherries.
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Roll up, jelly roll style, starting from long side.
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Seal seam.
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Grease two baking pans (cookie sheets).
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Place dough roll on one of prepared baking pans.
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Attach ends of dough to form a circle.
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Pinch to seal ends.
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Use sharp knife to cut slits at 1 inch intervals around ring.
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Cover, let dough rise again until double in size, about 30 minutes.
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Repeat with remaining dough, cinnamon mix, and cherries.
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Bake both rings in 350 degree F oven for about 25 minutes or until tea rings sound hollow when you tap tops. (if necessary cover tops with foil for last 5-10 minutes of baking to prevent overbrowning.).
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Transfer to wire racks and cool completely.
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Drizzle with icing. . .
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For icing:
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In small bowl, mix powdered sugar, corn syrup, vanilla, and almond extract.
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Stir in enough cream to make drizzling consistency.
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If desired, add red food color to icing.