Scald milk and stir in butter, 1/2 cup sugar and salt. Let it stand until lukewarm. Dissolve yeast in water. Add milk mixture, 1 egg and 2 cups flour. Beat until smooth. Add 2 more cups of flour. Put in the refrigerator covered for at least 2 hours.
Mix 1/2 cup sugar, 1/2 cup flour, chopped nuts then toss with the cherries. Roll out the dough into two 14" x 7" oblong pieces. Spread cherry mixture on dough in the center section of the 14" length and roll the dough to cover cherry mix. Seal edges. Form rings on greased or parchment covered baking sheets. Cut part way through the rings at 1-2 inch intervals. Cover and let rise in a warm place until doubled (about 1 hour). Bake at 375 degrees for 25 minutes.
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