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To food processor, add basil, parmesan and garlic. Process ingredients while drizzling in oil. Stop when consistency is thick paste. Season with salt to taste.
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In small bowl or mug, stir together warm milk with yeast and pinch of salt. Let sit 10 minutes or until bubbles form.
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To bowl of stand mixer, add flour, milk/yeast mixture, sugar, butter and oregano. Using hook attachment, knead 5-10 minutes. (Note: The dough should be well combined and stretchy.)
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Place dough in large bowl and cover with tea towel. Let sit 2 hours in a warm place to allow dough to rise and double in size.
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Lightly flour a clean surface and roll out dough with rolling pin into 24 x 8-inch rectangle.
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Spread pesto lengthwise across two thirds of dough rectangle. Fold the bare third of dough to cover the middle third, and then fold the remaining third over the top of that creating a triple layer. Using knife, slice dough lengthwise into 3 long strips.
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Transfer strips to baking sheet lined with parchment paper. Arrange strips side by side on their edges so the sliced edge revealing the pesto inside faces up. Braid the strips. (Note: Be careful not to stretch dough as you braid. Make braid as tight and even as possible.)
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Bring together ends of braid to form circle. Tuck end pieces into each other to form wreath. Cover with tea towel and let rest in warm place for one hour.
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Preheat oven to 350 degrees F.
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Uncover bread wreath and bake about 30 minutes or until golden brown.
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In saucepan over medium heat, melt butter. Add garlic and simmer about 5 minutes. Keep warm until ready to use so that butter remains melted.
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Immediately after removing bread from oven, brush generously with garlic butter.
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Let cool on baking sheet prior to serving.