1 Dissolve yeast in warm water. Add milk and 1/2 cup flour. Set aside; let rise until double€”about 30 minutes.
2 Combine butter, sugar, salt, egg, and yeast mixture in mixing bowl. Mix thoroughly.
3 Add enough remaining flour to make a soft dough. Knead on lightly floured surface until smooth€”about 10 minutes.
4 Place in greased bowl, turning to coat top. Cover; let rise in warm place until double€”about 1 hour.
5 Combine cherries, nuts, and orange peel in small bowl. Roll dough into rectangle 6x9 inches. Spread fruit mixture evenly over the dough.
6 Shape into a ball, make a hole in the center, and place in greased 6-cup Bundt pan. Cover; let rise almost to top of pan in warm place€”about 30 minutes.
7 Bake in a preheated 350°F oven 45 minutes or until done. Cool on wire rack.
8 Drizzle Confectioners' Icing over cooled bread. Decorate with nuts and candied cherries.