Heat oven to 375°F. Unroll dough into 2 long rectangles; firmly press perforations to seal. Cut each rectangle lengthwise into 4 strips. Twist each dough strip several times.
On ungreased cookie sheet, form tree shape by starting at top of tree. Zigzag twisted strips of dough back and forth across cookie sheet, touching previous strip and making tree wider toward bottom, adding strips as each is finished. End with curl of dough at center of bottom to form trunk. Tree will be about 8 inches from tip to trunk.
In small bowl, mix granulated sugar and orange peel. Sprinkle over dough.
Bake 12 to 16 minutes or until golden brown. Immediately remove from cookie sheet; place on serving tray.
In small bowl, beat powdered sugar and orange juice until smooth and thin enough to drizzle. Drizzle glaze over bread. Garnish with cherries. Serve warm.