01 - Combine warm milk and yeast in a large bowl. Let stand for 5 minutes until foamy.
02 - Add sugar, melted butter, eggs, vanilla, almond extract, salt, and nutmeg. Mix until combined.
03 - Gradually add flour, mixing until a soft dough forms. Knead for 5-7 minutes until smooth and elastic.
04 - Place dough in a greased bowl, cover, and let rise in a warm place for 1-1½ hours until doubled.
05 - Beat cream cheese, powdered sugar, and vanilla until smooth.
06 - Mix cinnamon and sugar in a small bowl.
07 - Punch down dough and roll into a 10x24-inch rectangle on a floured surface.
08 - Spread cream cheese filling lengthwise down the center third. Sprinkle with cinnamon sugar.
09 - Fold one long side over filling, then the other, pinching seams to seal. Transfer to parchment-lined baking sheet and shape into a ring, pinching ends together.
10 - Cover and let rise for 45 minutes until puffy.
11 - Preheat oven to 350°F.
12 - Bake for 25-30 minutes until golden brown. Cool for 20 minutes.
13 - Whisk powdered sugar, milk, and vanilla until smooth and pourable. Drizzle over cooled cake.
14 - Sprinkle with purple, green, and gold colored sugars in alternating sections.
15 - Once completely cool, gently insert the plastic baby or dried bean into the underside of the cake.