Heat milk on low heat, just until it feels warm. Add the package of yeast and a pinch of sugar. Whisk until combined. Set aside for 5 minutes.
In a mixer fitted with paddle attachment, combine sugar, butter, eggs, salt, vanilla, and 2½ cups flour. Stir until combined.
Add yeast mixture to flour mixture. Mix on medium speed until dough begins to form. Add remaining 2½ cups flour, a ½ cup at a time until dough is no longer sticky.
Switch to dough hook and let run on medium speed until dough feels elastic. If you do not have a dough hook, remove dough from mixing bowl and knead for 8 minutes or until dough feels elastic.
Oil a large bowl, place dough in bowl and turn to coat. Cover with damp towel and let rise for 1 hour.
Punch down dough and divide into 12 pieces.
Sprinkle cutting board with flour and roll divided dough into ropes 1"-thick and 14" long. Twist two ropes together to form a braid. Pinch ends together if needed and form into wreath.
Gently place each braided wreath on parchment-lined baking sheet. Cover with towel and let rise for 1 hour.
Add dry, dyed egg to middle of each dough ring.
Brush dough with beaten egg and add sprinkles or pearl sugar.
Bake at 350°F for 20 minutes or until golden brown.