MELT chocolate in small saucepan on low heat, stirring occasionally. Place in small bowl; cool slightly. Meanwhile, drain cherries and thoroughly pat dry.
MAKE indentation in each marshmallow with your finger, then insert 1 of the cherries into the hole, leaving 1/3 of the stem end of the cherry exposed. Using a fork to support the bottom of the marshmallow, dip the marshmallow into the chocolate, turning to evenly coat the cherry. Gently shake off excess chocolate.
PLACE on wax paper-covered baking sheet; cover. Refrigerate 20 to 30 minutes or until set. Store in airtight container in refrigerator.