Preheat oven to 375°.
Place first 4 ingredients in a large bowl; beat with a mixer at medium speed until well blended (about 5 minutes). Add egg whites, 1 at a time, beating well after each addition.
Lightly spoon flour into dry measuring cups; level with a knife. Combine the flour and next 5 ingredients (flour through 1/4 teaspoon cinnamon), stirring well with a whisk. Add to butter mixture; beat well. Divide dough into 4 equal portions. Roll each portion to a 1/8-inch thickness between 2 sheets of plastic wrap. Freeze dough 20 minutes or until plastic wrap can be easily removed.
Working with 1 portion of dough at a time (keep remaining dough in freezer), remove top sheet of plastic wrap. Cut dough with a 2-inch round cookie cutter; place cookies on baking sheets. Discard bottom sheet of plastic wrap. Repeat procedure with remaining dough.
Bake at 375° for 8 minutes or until lightly browned. Remove from baking sheet; cool on a wire rack. Combine powdered sugar, milk, and 1/8 teaspoon cinnamon; drizzle mixture over cookies. Sprinkle with almonds.