• Dissolve yeast in warm water.
• Add milk and about 1/2 cup of flour. In a large bowl, blend butter, sugar, salt, and eggs.
• Add yeast mixture and mix thoroughly.
• Gradually, add 2 1/2 cups flour to make a medium dough.
• Place in a greased bowl and brush with melted butter.
• Cover with a damp cloth and allow to rise until double in volume, about 3 hours.
• Use 1 cup or more flour to knead dough and roll into a 4-5 foot long rope.
• Form into an oval on a 14 x 17" greased baking sheet, connecting ends of the rope with a few drops of water to make a good seal.
• Press the doll, bean, or coin into the dough from the bottom.
• Cover dough ring with a damp cloth and let rise until double in volume, about 1 hour. 
• Brush with egg.
• Bake at 325° for 35 to 45 minutes or until lightly browned.
• Cool on a wire rack.

For glaze

• Combine the confectioners' sugar, lemon juice and enough water to achieve desired consistency.
• Spread over cake.
• Sprinkle with alternating bands of colored sugar.