Dissolve the yeast in 1/2 cup lukewarm milk. Mix the remaining milk and the sugar, egg, salt, butter and a small amount of flour until smooth. Add the yeast and the remaining flour, beating with either a wooden spoon or by using the paddle attachment on a standing mixer until smooth and firm. Sprinkle the dough with a small amount of flour; cover with a clean towel and let rise in a warm place until doubled in bulk, about 2 hours. Turn onto a lightly floured baking board and knead until smooth.
Roll the dough out as thin as possible with a rolling pin. Spread with melted butter and sprinkle with sugar and cinnamon. Roll the dough jelly-roll fashion, beginning at the long side, and join the ends to form a circle. If the ring is too large, cut it in half and shape into crescent moons. Place in buttered bake pan or on a baking sheet. Cut with the scissors and gently stagger pieces. Let rise and prior to putting in the oven, brush with beaten egg and sprinkle with sliced almonds. Bake at 375°F for 20-25 minutes.