1. Combine all ingredients except cherries in large bowl. Pour into 9-inch metal baking pan. Cover and freeze 2 hours, or until partially frozen. Stir with fork to break up chunks. Cover and freeze until completely frozen, about 3 hours.
2. To serve, let stand at room temperature 15 minutes. Scrape across surface with metal spoon, transferring slush to serving dishes. Top with cherries.