Sprinkle yeast over warm water in small bowl. Let stand until foamy, about 5 minutes.
Beat butter in large bowl until creamy. Beat in sugar until fluffy. Beat in eggs. On low speed, beat in molasses, ground ginger, half the crystallized ginger, cinnamon, salt, pepper and 2 cups bread flour. On low speed, beat in yeast mixture and 1/3 cup flour until smooth.
Stir in some of remaining flour. Continue adding flour until dough is workable with hands without sticking. Use any remaining flour to dust work surface. Knead dough until soft and elastic, about 5 minutes. Transfer to large greased bowl, turning to coat. Cover with clean towel. Let rise in warm place until doubled in volume, about 2 hours.
Coat 9-1/2 x 4-inch tube pan with nonstick cooking spray. Punch down dough. Divide dough into 3 equal pieces. Using hands, roll each piece into 22-inch-long rope. Place ropes side by side, touching. Gently press one end of each rope onto work surface. This is top of braid. Begin braiding ropes, by lifting left rope across and over middle rope. Next, take right rope and lift it across and over new middle rope. Continue alternating sides, always lifting outside rope across and over middle rope, gently tugging on ropes to stretch slightly. Gently form braid into ring; press ends of ring together, sealing with a little water. Transfer to prepared tube pan. Cover with cloth. Let rise in warm place until doubled in volume, 45 to 60 minutes.
Heat oven to 350°F. Bake risen braid in 350°F oven for about 35 minutes or until puffed and lightly browned. Remove inner section of tube pan, then remove bread to rack; you may need to run a knife around edges of pan if it sticks.
While bread cools, heat sugar and water in small saucepan over medium heat until sugar is completely dissolved. Let syrup cool slightly. Brush over top of braid. Sprinkle with remaining tablespoon chopped crystallized ginger. Serve warm or at room temperature.