1. In a large bowl, combine flour and cold butter until mixture resembles coarse crumbs.
2. Dissolve yeast in warm water. Add milk, egg, and sugar. Mix well.
3. Combine yeast mixture with flour mixture. Mix until dough forms.
4. Roll dough out into a rectangle. Spread almond paste, brown sugar, and cinnamon over dough.
5. Roll up dough from long side, seal edges, and shape into a pretzel or ring.
6. Place on a greased baking sheet. Let rise for 30 minutes.
7. Preheat oven to 375°F (190°C). Bake for 25-30 minutes or until golden brown.
8. Mix powdered sugar, milk, and vanilla extract to make icing. Drizzle over warm kringle.