Preheat oven to 375 degrees F.
Add all ingredients to a large bowl and mix until well combined. Set in refrigerator for 15 minutes.
Spray donut pan with an even layer of oil. Use a 1/3 measuring cup to portion batter into cavities. Bake for 25-30 minutes.
Remove from oven and allow to cool for 15-20 minutes. Top with melted chocolate and dried cherries. Allow to cool for chocolate to set and serve.