Sprinkle yeast over warm water in small bowl. Let stand until foamy, about 5 minutes.
In large bowl, whisk together the 2/3 cup sugar, salt, milk, butter and eggs. Stir in 1 cup flour. Stir in yeast mixture. On low speed, beat in 2-1/2 cups flour until smooth. Stir in 1 cup flour until dough holds together; dough may be soft. Transfer to work surface. Knead until smooth and elastic, about 5 minutes, adding remaining 1/2 cup flour as needed to prevent sticking.
Place dough in greased bowl, turning to coat. Cover; let rise in warm place, away from drafts, for 1-1/4 hours or until doubled in volume.
Soak dried cranberries in boiling water for 5 minutes. Drain well. Punch dough down; let rest 5 minutes. Coat 10-inch tube pan (angel food cake pan) with nonstick cooking spray.
Roll dough out on lightly floured surface to 20 x 12-inch rectangle. Sprinkle dough evenly with 2 teaspoons cinnamon; scatter plumped cranberries over top. Starting from a long side, roll dough up tightly. Cut roll lengthwise in half. Place halves, cut side up, side by side. Twist together to form rope; gently shape into ring, pinching ends together. Carefully transfer to prepared pan. Sprinkle top of bread with remaining 1/2 teaspoon sugar and 1/4 teaspoon cinnamon. Cover pan loosely. Let rise 45 minutes; bread will almost double.
Heat oven to 350°F.
Bake in 350°F oven for 40 to 45 minutes or until top is brown and ring sounds hollow when tapped. Tent bread with foil if browning too quickly. Cool bread in pan on wire rack 5 minutes. Turn bread out onto wire rack; let cool completely. Store, tightly wrapped, at room temperature for up to 1 week.