Activate the yeast by mixing warm milk with the yeast and letting it sit for about 5 minutes until frothy.

In a large mixing bowl, combine melted butter, sugar, salt, and eggs. Add the yeast mixture and stir until well combined.

Gradually add flour, mixing until a soft dough forms. Knead on a floured surface for about 5-7 minutes until smooth and elastic.

Place the dough in a greased bowl, cover with a cloth, and let it rise in a warm place for about 1 hour until doubled in size.

While the dough is rising, prepare the cream cheese filling by mixing softened cream cheese, sugar, vanilla extract, and egg yolk until smooth.

Once the dough has risen, punch it down and roll it out into a 12x18 inch rectangle on a floured surface.

Spread the cream cheese filling evenly over the dough, leaving a small border around the edges. Roll the dough tightly into a log and pinch the edges to seal.

Shape the log into a circle and pinch the ends together to form a ring. Place on a greased baking sheet and let rise for another 30 minutes.

Preheat the oven to 350°F (175°C). Bake the cake for 25-30 minutes until golden brown.

While the cake cools, prepare the glaze by whisking together powdered sugar, milk, and vanilla extract until smooth.

Drizzle the glaze over the warm cake and sprinkle with colored sugar.