Make the sponge: In a medium bowl, dissolve the yeast in the warm milk.
Stir in 1 tablespoon of sugar and 1 cup (240 ml) of the flour until just combined.
Cover the bowl with a clean towel and set it in a warm, draft-free place for 30 minutes, or until it's puffy and bubbly.
Mix the batter: In a separate large bowl (or the bowl of a stand mixer), lightly beat the eggs with the remaining ½ cup of sugar.
Add the salt, vanilla extract, almond extract, and the remaining 1¼ cups of flour.
Beat vigorously until the batter is completely smooth.
Add the risen sponge to the batter and beat again until smooth and elastic. The batter will begin to form blisters on the surface.
First rise: Cover the bowl with a towel and let the batter rise in a warm place for 45 to 60 minutes, or until it has doubled in size.
Incorporate the butter: Gently deflate the risen batter.
Add the softened butter and beat vigorously once more until the butter is fully incorporated and the batter is glossy, elastic, and pulls away from the sides of the bowl.
Second rise: Stir in the grated lemon zest and raisins. Generously butter a 6- to 8-cup ring mold or Bundt pan and dust it with flour or fine, dry breadcrumbs.
Pour the batter into the prepared mold; it should fill it about halfway.
Cover and let it rise in a warm place for another 30 minutes.
Bake the baba: Preheat your oven to 400°F / 200°C. Gently place the mold in the oven and bake for 5 minutes.
Reduce the oven temperature to 350°F / 175°C and continue to bake for 30 to 40 minutes more, or until the cake is deep golden brown and a skewer inserted into the center comes out clean.
Prepare the rum sauce: While the baba bakes, combine the water, sugar, and lemon juice in a medium saucepan.
Bring to a boil and let it simmer for 10 minutes.
Remove from the heat and let the syrup cool until it's just lukewarm, then stir in the dark rum.
Soak the cake: Once the baba is done baking, carefully invert it onto a wire rack to cool slightly.
While it's still warm, place it back into its mold.
Using a thin skewer, poke holes all over the top surface of the cake. Slowly and gradually spoon the rum sauce over the cake, allowing it to seep into the holes and run down the sides.
Ripen and serve: Cover the mold tightly with aluminum foil and let the baba sit at room temperature for at least 2-3 hours (or overnight in the fridge) to allow the syrup to fully absorb. To serve, turn the baba out onto a serving platter. Decorate with glacéed cherries if you wish, and serve each slice with a generous dollop of whipped cream.
Don't skimp on the beating time.
Using a stand mixer with a paddle attachment is highly recommended. Developing the gluten is what gives the baba its signature light, springy crumb that can hold up to the syrup.