Drain cherries; reserve 1 cup of the juice. Set aside. In a saucepan, combine sugar, cornstarch and salt. Stir in cherry juice. Cook and stir over medium-high heat until bubbly. Cook and stir 1 minute more. Remove from heat; stir in butter, extract, food coloring and cherries. Set aside to cool.
Dissolve yeast in warm milk. Let stand 5 minutes. Cut butter into flour, sugar and salt. Add yeast mixture and egg yolks; mix thoroughly. If needed, add additional flour to make a soft dough. Turn dough out onto a lightly floured surface and knead 10 times. Divide dough in half. Roll half the dough into a 17x11-in. rectangle. Carefully transfer to a greased 17-1/2x11-1/2x1-in. baking pan. Spread cooled cherry filling over dough. Roll out second portion of dough to 17x11-in. rectangle. Carefully place over cherry filling. Press edges together to seal. Cover and allow to rise in a warm place until doubled, about 30 minutes. Bake at 350° about 25 minutes or until golden brown. Cool.
Combine topping ingredients except nuts and spread over uncut surface. Top with nuts and cut into squares.