Cherry Spin Coffee Cake

1 1/4 cup milk
1 teaspoon salt
1/4 cup granulated sugar
1/2 cup olive oil
1 package (1/4 ounce) active dry yeast
3 1/4 cup sifted all-purpose flour
2 eggs
1/2 teaspoon vanilla
1 cup cherry preserves
1 cup powdered sugar
Milk
1/3 cup sliced almonds
Preheat oven at 375° degrees F.