To make the pastry, mix all pastry ingredients in a large mixing bowl until just blended.

Cover the dough and let it rise until doubled in size.

While the dough rises, prepare the cream and almond fillings, and the streusel topping.

For the cream filling, heat milk in a saucepan.

In a separate bowl, mix egg yolk into the dry ingredients.

Temper the egg mixture by adding a little warm milk, then combine with the heated milk.

Stir and cook the cream filling until it thickens.

Remove the cream filling from heat and cover it with plastic wrap to prevent a skin from forming.

Let the cream filling cool completely.

For the almond filling, mix all ingredients together until well blended.

For the streusel topping, mix all ingredients with your fingers or a pastry blender until the mixture resembles coarse crumbs.

For the almond icing, combine powdered sugar with enough milk or cream to create a slightly runny consistency.

Add almond extract to the icing.

Once the dough has doubled, punch it down to release the air.

Divide the dough into 4 equal parts.

Take one portion of the dough and roll it out into a rectangle on a lightly floured surface.

Spread 1/4 of the cream filling evenly over the dough, then spread 1/4 of the almond filling over the cream filling.

Roll the dough up tightly in a jelly-roll fashion.

Use a sharp knife to make about 10 slashes across the top of the roll.

Repeat the filling and rolling process with the remaining 3 portions of dough.

Place each roll on a greased cookie sheet.

Shape each roll into a wreath or candy cane shape.

Sprinkle the streusel topping generously over the shaped pastries.

Let the pastries rise in a warm place until doubled in bulk.

Bake in a preheated oven at 375°F (190°C) for 20 minutes, or until golden brown.

Once the pastries are cooled slightly, drizzle them with the almond icing and sprinkle with slivered or sliced almonds.