In a saucepan over low heat, cook and stir milk and chocolate chips until chocolate melts and mixture is slightly thickened, about 6 minutes. Remove from heat; stir in nuts and vanilla. Cool until it stars to set, about 15 minutes. Line a baking sheet with waxed paper. Spoon chocolate mixture by 2 tablespoonfuls into small mounds to form a wreath. Decorate with cherries. Chill until firm; serve chilled.
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