Preheat oven to 350° F. Line 2 baking sheets with parchment paper; set aside.

Heat 2 cups of water, butter, sugar and salt in a large saucepan over medium heat. Cook, stirring until butter is melted. Add flour; stir with a wooden spoon until dough is smooth and pulls away from side of pan. Remove from heat. Beat in eggs one at a time, beating well after each addition. Beat for about 10 minutes.

Transfer dough to a resealable gallon-size plastic bag fitted with a star-shaped, size 7 pastry tube (such as Ateco or Wilton). Pipe half of the dough into one prepared baking sheet, creating a wreath shape. You will circle about 3-4 times. Repeat wreath shape with second half of dough on remaining baking sheet.

Bake for 30 minutes or until rings are golden and crispy on the edges. Cool on baking sheets on wire racks.

Heat evaporated milk, sweetened condensed milk, remaining 1/2 cup of water, almond and almond extract in a medium saucepan over medium heat. Stir to combine.

Whisk egg yolks and cornstarch in a small bowl until combined. Add 2 tablespoons milk mixture to egg mixture and whisk to combine. Add egg mixture to milk mixture; cook over low heat, stirring constantly, for about 5 minutes or until the mixture has thickened. Remove from heat and allow to cool.

Place one pastry ring on serving platter. Spread almond custard over the top. Place the second ring on top of the custard. Sprinkle with powdered sugar, if desired.