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In a small bowl, combine milk and yeast. Let stand 10 minutes.
In a large bowl, beat together 1/3 cup butter and 1/4 cup sugar with an electric mixer on medium speed until smooth. Add egg yolks, lemon peel and salt and beat until smooth. Beat in yeast mixture. Beat in 2 cups flour just until blended. Thoroughly wash beaters. In a medium bowl, beat egg whites until frothy; beat into dough. Spread dough evenly into a greased 15x10x1-inch baking pan.
Cover and let rise in a warm place for 1 hour or until doubled in size. In a small saucepan, combine cherry preserves, 2 tablespoons butter and lemon juice. Stir over low heat until butter melts and mixture is smooth. Let cool. Scatter cherries evenly over risen dough; drizzle cooled preserve mixture evenly over cherries.
Preheat oven to 350°F. For crumb topping: in a small bowl combine the remaining 1/4 cup flour, remaining 1/4 cup sugar, ginger and cinnamon. Using a pastry blender or fork, cut in the remaining 3 tablespoons butter until pieces are pea-size. Stir in nuts. Scatter crumb topping evenly over fruit topping. Bake for 18 to 23 minutes or until lightly browned. Cool 10 minutes, dust with powdered sugar if you like, then slice to serve.