Sprinkle yeast on water in a large mixing bowl and stir until yeast is dissolved.
Add milk, butter, honey, salt, and 1 cup flour.
Stir thoroughly until well blended.
Stir in 3 more cups of flour, one at a time, mixing thoroughly after each addition.
Add the fifth cup of flour, beating until mixture is stiff.
Sprinkle a board with the last cup of flour and knead dough with floured hands until dough is smooth (about 10 minutes).
Place dough in a well-buttered bowl, turn once, cover, and let rise in a warm place (85°) until two fingers inserted in dough leave an indentation.
Punch down, work in the walnuts.
Shape into two round loaves and let rise until doubled in bulk on a well-greased baking sheet (for about 1 hour).
Bake in a 375° oven for about 45 minutes or until done.
Let cool on wire racks.