Cranberry-Peach Ring

For Cake: In a large bowl stir together 1 1/4 cups of the flour and the yeast. In a small saucepan heat butter, milk, water, sugar and salt just till warm (120-130 degrees F) and butter is almost melted, stirring constantly.

Add to flour mixture; add egg. Beat with an electric mixer on low speed for 30 seconds, scraping sides of bowl constantly. Beat on high speed for 3 minutes. Using wooden spoon, stir in as much of the remaining flour as you can.

Turn out onto a lightly floured surface. Knead in enough of the remaining flour to make a moderately soft dough that is smooth and elastic (3 to 5 minutes). Cover dough and let rest for 10 minutes.

On a lightly floured surface roll dough into an 18x10-inch rectangle. Spread the Cranberry Peach Filling lengthwise down center of dough in a 3-inch-wide strip. On long side make 3-inch cuts from edge toward center at 1-inch intervals. Starting at one end, alternately fold opposite strips of dough at an angle across filling. Carefully transfer to a greased baking sheet.

Shape into a ring, stretching slightly to curve; pinch ends together. Cover ring and let rise in a warm place till nearly double (about 30 minutes).

Bake in a 375 degrees F oven for 20 to 25 minutes or until golden brown. If necessary, cover edges with foil during last 10 minutes of baking to prevent over-browning. Carefully remove from pan and cool 30 minutes on a wire rack. Drizzle with icing. Serve warm.

For Cranberry-Peach Filling: In a small saucepan combine cranberries, sugar and water. Bring to boiling; reduce heat. Simmer, uncovered, about 5 minutes or till cranberries pop.

Stir together cold water and cornstarch. Add the cornstarch-water mixture to the hot cranberry mixture. Cook and stir til mixture is thickened and bubbly. (Mixture will be VERY thick at this point.) Remove from heat and stir in peach preserves. Set aside to cool.

For Confectioners Icing: In a small bowl, combine powdered sugar, vanilla and enough milk to make icing of drizzling consistency.