Heat oven to 350°F. Grease and flour mini Bundt pan. In a small bowl toss together chopped dried cherries with flour. Set aside 8 whole dried cherries for garnish.
Beat first 6 ingredients with mixer on low speed just until moistened, stopping frequently to scrape bottom and side of bowl. Beat on medium speed 2 min. Fold into batter, chopped cherries.
Divide batter between prepared mini Bundt pan. Bake at 35 min. or until toothpick inserted in center comes out clean. Cool in pan 10 to 15 minutes. Turn Mini pan over and carefully shake pan to remove cakes. Cool completely on wire rack.
Beat cream cheese and butter in large bowl with mixer until blended. Gradually add sugar, mixing well after each addition.
Drizzle frosting over mini cakes. Top each mini Bundt cake with a whole cherry.