Preheat oven to 375 degrees F. Coat 8 -inch-square baking dish with cooking spray. Scatter cherries and strawberries in bottom of dish.
Whirl ricotta, bread, milk, eggs, honey and vanilla in processor until smooth. Pour over fruit. Place dish in larger pan. Pour hot water into larger pan to come halfway up side of baking dish. Tent loosely with foil.
Bake in preheated 375 degree F oven for 1 hour, removing foil during last 15 minutes. Remove pudding from water bath and transfer to a wire rack to cool. (Can be served warm or refrigerated.)
Puree jam, 1 cup strawberries, honey and lemon juice in blender or processor until smooth. Slice remaining strawberries; add to sauce. Serve with pudding. Makes 8 servings.