In a large mixing bowl, combine the all-purpose flour, granulated sugar, and instant yeast. Cut in the very cold butter until the mixture resembles coarse crumbs. Gradually stir in the ice-cold water until fully incorporated, forming a soft dough. Cover and chill for at least 30 minutes.

In a medium bowl, mix together the almond paste, powdered sugar, and vanilla or almond extract. Combine until smooth, then fold in the ground toasted almonds.

Roll the chilled dough into a rectangle about 1/4 inch thick. Spread the almond filling evenly over the dough, then fold lengthwise to form a log and shape into a loop. Pinch the ends to seal and transfer to a parchment-lined baking sheet.

Preheat the oven to 350°F (175°C). Bake the kringle for approximately 25-30 minutes until golden brown. Monitor during the last few minutes for perfect color.

Prepare the glaze by whisking powdered sugar and milk or cream until smooth. Drizzle over the cooled kringle for a lovely finish.