Directions

1. Place water in a bowl. Sprinkle in yeast; stir until dissolved. Add milk, sugar, butter, salt and 1-1/3 cups flour. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add egg, anise extract and 1 cup flour; beat 2 minutes at high speed. Stir in enough remaining flour to make a soft dough. Knead on a lightly floured surface until smooth and elastic, about 8 to 10 minutes. Place in a greased bowl, turning to grease top. Cover; let rise in warm, draft-free place until doubled in size, about 1 hour.
2. Punch dough down; remove to floured surface. Roll dough to 24 x 10-inch rectangle. Spread evenly with 1/2 of Creamy Orange Frosting. Roll up tightly from long side as for jelly roll; pinch seam to seal. Join ends together; shape into a ring. Place on greased baking sheet. With sharp knife, make diagonal slashes on top of ring. Cover; let rise in warm, draft-free place until doubled in size, about 30 minutes.
3. Bake at 350°F for 25 minutes or until done. Remove from sheet; place on a wire rack. Drizzle with remaining Creamy Orange Frosting while warm. Sprinkle with almond slices.
4. Creamy Orange Frosting: Combine powdered sugar, melted butter, orange juice and orange peel in a medium bowl. Stir until smooth.