Place warm water in large warm bowl. Sprinkle in yeast; stir until dissolved. Add warm milk, butter, sugar, cardamom, salt, and 1 cup flour; blend well. Stir in eggs and enough remaining flour to make soft dough. Knead on lightly floured surface until smooth and elastic, about 4 to 6 minutes. Place in greased bowl, turning to grease top. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.
Punch dough down. Remove dough to lightly floured surface; roll to 30 x 9-inch rectangle. Spread Almond Filling over dough to within 1/2 inch of edges; sprinkle with cherries. Beginning at long end, roll up tightly as for jelly roll; pinch seam to seal. With sharp knife, cut roll in half lengthwise; carefully turn halves so cut sides face up. Twist halves together, keeping cut sides up so filling is visible. Transfer dough to greased baking sheet. Shape into ring; pinch ends together to seal. Cover; let rise in warm, draft-free place until doubled in size, about 20 to 40 minutes.
Bake at 350oF for 30 minutes or until done. Remove from baking sheet; let cool on wire rack. If desired, frost top with Almond Icing.
TO SHAPE AS FIGURE "8": Roll dough to 15 x 10-inch rectangle. Spread filling to within 1/2 inch of edges; sprinkle with cherries. Beginning at long end, roll up tightly as for jelly roll; pinch seam to seal. With sharp knife, cut roll in half lengthwise. Carefully transfer 1 half, cut side up, onto greased baking sheet. Form into "S" shape. Form second half into a reverse "S"; set on top of "S" shape, cut side up, forming figure "8". Pinch ends together to seal.
Almond Filling: In small bowl, combine 1/2 cup (5 ounces) almond paste and 1 egg white; stir with fork until well blended. Stir in 1/2 cup chopped, toasted blanched almonds.
Almond Icing: In small bowl, combine 1 cup powdered sugar, sifted; 1/4 teaspoon almond extract; and 1 to 2 tablespoons milk. Stir until smooth.
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