Heat oven to 375°F. Spray cookie sheet with cooking spray. Unroll dough onto cookie sheet, forming 13x7-inch rectangle. Firmly press perforations to seal.
In medium bowl, beat cream cheese and 2 tablespoons granulated sugar. Beat in egg yolk. Stir in chopped cherries. Spoon lengthwise down center of dough rectangle in 2 1/2-inch-wide strip. Cut 1-inch-wide strips on each side of cream cheese filling to within 1/2 inch of filling. Fold strips at an angle across filling mixture, alternating from side to side.
In small bowl, beat egg white and water. Brush egg white mixture over dough. (Discard any remaining egg white mixture.) Sprinkle with 1 teaspoon granulated sugar.
Bake 15 to 20 minutes or until deep golden brown. Immediately remove from cookie sheet; place on serving tray. Cool 5 minutes.
In small bowl, mix powdered sugar, almond extract and enough milk for desired glaze consistency. Drizzle glaze over warm braid. Garnish with candied cherries. Cool 15 minutes before slicing. Serve warm. Store in refrigerator.