Generously butter a 9 x 13 inch pan. Cut bread in 1 inch cubes. Arrange bread in a single layer over prepared dish. Sprinkle, slightly mixing with dried cherries. Placed cream cheese cubes over bread. Beat eggs, milk, sugar, cinnamon, salt and vanilla until mixed. Pour over bread. Cover. Refrigerate overnight. Preheat oven to 350 degrees. Dot mixture with butter. Bake uncovered until puffy and lightly browned approximately 45 to 50 minutes. Serve with syrup or honey. Serves 8 to 10.