In a large bowl, combine 1 cup flour, sugar, and yeast.
In a small saucepan, heat milk and butter until warm.
Add milk mixture to flour mixture; beat until smooth.
Add eggs, vanilla, and salt; mix well.
Gradually add remaining flour to form a soft dough.
Knead on a floured surface until smooth and elastic.
Place in a greased bowl, cover, and let rise until doubled.
Punch down dough, divide into 3 pieces, and braid.
Form braid into a ring and place on a greased baking sheet.
Cover and let rise until doubled.
Preheat oven to 350°F (175°C).
Bake for 30 minutes or until golden brown.
Cool on a wire rack and decorate with sprinkles if desired.