Christmas Coffee Cake Ring

Heat the butter and milk in a small saucepan over low heat until butter is melted. Remove and cool for about 5 minutes, until 120-130°F. Pour mixture into a large bowl and add the yeast, sugar and egg.
Mix in 1 ½ cups of the flour, salt, cinnamon, nutmeg, candied fruit and walnuts. Add the remaining flour 1 cup at a time, mixing after each addition until incorporated. Cover bowl with plastic wrap and set in a warm place. Let rise until doubled, about 1 hour.
On a lightly floured surface, roll out the dough into a rectangle. Starting with a long end, roll it up tightly. Place rolled dough on a sheet pan lined with parchment paper and shape into a ring.
Use a sharp knife to make cuts two-thirds of the way into the dough every 2 inches. Twist each section so that it lies parallel to the sheet pan. Cover with plastic wrap and let rise until doubled again, about 30-45 minutes.
Preheat oven to 350°F. Bake coffee cake until golden brown, about 25-30 minutes. Let cool.
To make the icing, stir together the sifted powdered sugar, milk and almond extract. Drizzle over cooled cake. Garnish the cake with additional candied fruit and walnuts.