In a small bowl, dissolve yeast in milk.
In a large bowl, combine flour, sugar, salt, lemon peel and cardamom.
Cut in butter until crumbly.
Add yeast mixture and whole egg; mix well.
Stir in cherries, raisins and pecans.
Turn onto a floured board; knead until smooth and elastic, about 6-8 minutes.
Place in a greased bowl, turning once to grease top.
Cover and let rise in a warm place for 1 hour (dough will not double in size).
Punch dough down; divide into four pieces.
Roll three pieces into 15-in.ropes.
Braid ropes; place on a greased baking sheet.
Divide last portion of dough in half; roll each into a 15-in.rope.
Twist ropes.
Press an indentation down the center of braided loaf; place twisted dough in indentation.
Cover and let rise until doubled, about 30 minutes.
Beat egg yolk and water; brush over loaf.
Bake at 350° for 20 minutes.
Cover loosely with foil; bake 20-25 minutes more.
Cool on a wire rack.
Combine sugar and milk; drizzle over loaf.
Decorate with cherries if desired.