Heat butter and milk over low on the stovetop until butter has melted. Cool to lukewarm.
n a large bowl, dissolve the yeast in the warm water and beat in the egg yolk. Blend in the cooled milk mixture.
Sift in the flour, salt, and sugar. Beat until the mixture is smooth and creamy.
Cover bowl and refrigerate overnight.
The next day, blend together cherries, almonds, and milk in a small saucepan over medium-low heat. Stir on stove top until thickened. Remove from heat and cool.
Meanwhile, mix together egg whites and sugar. Stir into cooled cherry mixture.
Divide dough into two equal pieces and dust each with flour. Roll out (one at a time), each to about 10 inches long. Pour half of the cherry filling onto the dough and spread out over the dough and roll up jelly-roll fashion.
Carefully place into one side a bundt pan that has been sprayed with non-stick cooking spray.
Repeat with the second half and carefully place that half on the other side of the pan, overlapping the first half.
Place on stovetop and let rise for 30 minutes while preheating the oven to 350 degrees.
Bake for 45 minutes.
Cool in pan for 15 minutes and then invert to a cake plate. Drizzle with a cream cheese or vanilla glaze.
Serve fresh for best results or reheat slices in microwave for 30 seconds prior to serving to retain moistness.