In medium saucepan, heat cream until hot (do not boil). Remove pan from heat; add chopped candy. Stir until candy is completely melted. Fold in chopped cherries. Pour mixture into 8 x 2-inch baking pan. Refrigerate until firm, at least 1 hour.
Using a small scoop, form truffles mixture into small balls. Dip into melted candy. Place on parchment-lined cookie sheet; sprinkle, if desired, with colored sugar. Refrigerate truffles until ready to serve.