In the bowl of a stand mixer fitted with the paddle attachment, beat butter and sugar at medium speed until pale and creamy, 2 to3 minutes, stopping to scrape bottom and sides of bowl. Beat in egg yolk until combined. Beat in molasses and vanilla until combined.

In a medium bowl, whisk together flour, ginger, cinnamon, baking soda, salt, nutmeg, and allspice. With mixer on low speed, gradually add flour mixture to butter mixture, beating until just combined and no dry streaks remain, stopping to scrape bottom and sides of bowl.

Turn out dough onto a piece of plastic wrap, and shape into a disk. Wrap tightly, and refrigerate until firm, at least 2 hours, or up to overnight.

Preheat oven to 350°F (180°C). Draw an 8-inch circle on 2 sheets of parchment paper; place each upside down on a baking sheet.

Turn out dough onto a lightly floured surface, and roll to ¼-inch thickness. Using a 3½x3-inch gingerbread person cutter, cut dough, rerolling scraps and cutting to use all dough. (If dough becomes too soft to work with, refrigerate for15 to 20 minutes before continuing.)

Place 1 cookie on a prepared pan so the arms align with circle. Brush a small amount of water on arm and foot. Place another cookie down with arm and foot overlapping those of first cookie. Repeat around drawn circle until shape is complete; each wreath should use 9 cookies. Repeat with remaining cookies on remaining prepared pan. Refrigerate for 15 minutes.

Bake until edges of cookies are set, 15 to 20 minutes. Let cool completely on pans on wire racks. Store in an airtight container for up to 1 week.