Bread: Roll dough into 15×6-inch rectangle on lightly floured surface; set aside. Place brown sugar in small bowl; cut in 1 tablespoon Blue Bonnet with pastry blender or 2 knives until mixture resembles coarse crumbs. Stir in raisins and walnuts. Sprinkle over dough to within 1/2 inch of edges. Roll up dough tightly, starting at 1 of the long sides. Pinch seams and both ends together to seal.
Place roll, seam-side down, on baking sheet sprayed with cooking spray; bend 1 end to resemble candy cane. Cover with damp towel; let rise in warm draft-free place 45 minutes, or until doubled in size.
Preheat oven to 375°F. Using sharp knife, lightly slash top of loaf at 2-inch intervals. Beat egg white and water in small bowl with wire whisk until well blended; brush over dough.
Bake 15 to 20 minutes, or until loaf is golden brown and sounds hollow when tapped. Remove from baking sheet to wire rack; cool completely.
Glaze: Combine confectioners’ sugar, 1 tablespoon Blue Bonnet, milk and almond extract in small bowl; beat with wire whisk until well blended. Drizzle over bread.
Garnish: Decorate with candied cherries to resemble candy cane. Let stand until glaze is set. Cut into 16 slices to serve.
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