In a large mixing bowl, combine warm milk and yeast; let it sit for 5 minutes until foamy.

Add flour, granulated sugar, melted butter, eggs, salt, and ground cinnamon to the yeast mixture; mix until well combined.

Knead the dough on a floured surface until smooth and elastic, about 10 minutes.

Place the dough in a greased bowl, cover with a damp cloth, and let it rise in a warm place until doubled in size, about 1 hour.

Preheat the oven to 350°F (175°C).

Punch down the risen dough and shape it into a ring, placing it on a greased baking sheet.

Allow the dough ring to rise again for 30 minutes.

Bake in the preheated oven for 25-30 minutes or until golden brown.

While the cake is baking, whip cream cheese with powdered sugar and vanilla extract until smooth.

Once cooled, spread the cream cheese mixture on top of the cake and sprinkle with colored sugar.