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In a large bowl thoroughly mix --1 1/4 cups flour sugar and salt and dry yeast.
Combine milk, water and margarine in a saucepan. Heat over low heat until liquids are warm,margarine does not need to melt.
Gradually add to dry ingredients and beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add egg and-- 3/4 cup flour. Beat at high speed 2 minutes. Stir in enough additional-- flour to make a stiff batter.
COVER bowl tightly with aluminum foil. Refrigerate dough for at least 2 hours. Dough may be kept in refrigerator 3 days.
WHEN ready to shape dough, combine 1/2 cup flour, pecans and brown sugar. Divide dough in 1/2. Roll on lightly floured board to a 14 x 7 inch rectangle. Spread with 3/4 cup cherries and 1/2 brown sugar mixture. Roll up from long side as for jelly roll. Seal edges. Place sealed edge down in circle on greased baking sheet. Seal ends together firmly. Cut slits 2/3 through ring at 1 inch intervals, turn each
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