Place a medium-size non-stick saucepan over medium heat and add the water and marshmallows. Stir frequently until the marshmallows are fully melted.

Transfer to a large bowl and add the cream cheese, vanilla extract and cinnamon. Mix until combined. Use a stand mixer or hand mixer to make it easier.

Transfer the cream cheese mixture to a deep serving dish and top with the cherries.

Refrigerate until ready to serve.