Preheat oven to 350℉ / 176℃ and prepare doughnut pans by spraying cavities with a non-stick cooking spray. (To find the doughnut baking molds like my Wilton ones, click HERE.)

In a large bowl, add all doughnut ingredients except for chopped maraschino cherries. Mix together with a fork until well blended with no dry pockets, about 50 strokes.

Add chopped maraschino cherries and fold in evenly.

Spoon batter into the prepared doughnut molds, filling each only halfway full.

Bake on middle rack of oven for 14-16 minutes, or until toothpick inserted in middle comes out clean.

Remove from oven and let sit in pan for 5 minutes. Gently use a butter knife around middle and edges to loosen and then the doughnuts should lift or slide out easily. Place on cooling rack to finish cooling completely.

After doughnuts have cooled completely, make the glaze: Mix all glaze ingredients together in a medium bowl with a fork. Stir vigorously until smooth. If you want to thin out more, add more Cheerwine or cherry juice 1/2 tsp at a time.

Place waxed paper under cooling rack to reduce clean-up time, if desired. Drizzle glaze over top of doughnuts or dip each one in glaze. I spooned glaze inside a plastic baggie and snipped corner for a controlled and even sized drizzle. Let glaze set for at least 20-30 minutes before serving. Enjoy!