This sweet bread looks festive and tastes heavenly! Serve it for brunch or as a dessert with cheese.
In a small bowl, combine the warm water and yeast; set aside for 5 minutes.
In a large mixing bowl, beat butter with an electric mixer on medium to high speed for 30 seconds. Add granulated sugar. Beat until combined, scraping the sides of the bowl occasionally. Add 3 eggs and beat until combined. Stir in the evaporated milk, sour cream, orange peel, cardamom, and salt. Stir in yeast mixture (mixture will look curdled). Stir in as much of the flour as you can with a wooden spoon.
Turn dough out onto a lightly floured surface. Knead in enough of the remaining flour to make a moderately stiff dough that is smooth and elastic (6 to 8 minutes total).
Shape the dough into a ball. Place dough in a lightly greased bowl, turning once. Cover; let rise in a warm place until double in size (about 1 hour).
Punch dough down. Turn out onto a lightly floured surface. Divide dough into six equal portions. Cover; let rest for 10 minutes.
Roll each portion of dough into a ball. Roll each ball into an evenly thick rope that is 22 to 24 inches long. Line up 3 of the ropes, 1 inch apart, on the lightly floured surface. Starting in the middle, braid by bringing left rope underneath center rope; lay it down. Then, bring right rope under new center rope; lay it down. Repeat to end. On the other end, braid by bringing outside ropes alternately over center rope to center. (Braid the ropes loosely so the bread has room to expand.) Join ends of braid to form a wreath. Carefully transfer wreath to a greased baking sheet. Repeat braiding and shaping into a wreath with remaining three ropes for a second wreath. Cover; let rise until almost double in size (45 to 60 minutes).
Stir together the 1 egg and 1 tablespoon milk. Brush over tops of wreaths. If you like, top with sliced almonds or coarse sugar. Bake in a 375 degree F oven about 25 minutes or until lightly browned and bread sounds hollow when lightly tapped (if necessary, cover wreaths with foil the last 5 to 10 minutes to prevent overbrowning). Remove from oven. Transfer wreaths to wire racks and let cool. Serve with Cardamom Butter.
In a medium bowl, combine butter, powdered sugar, cardamom, orange peel and nutmeg. Mix well with a spoon to combine.