In a bowl, cream butter and sugar. Add eggs and mix well. Combine the milk, cherry juice and extracts. Combine the flour, baking powder and salt; add to creamed mixture alternately with milk mixture. Fold in the chips and cherries.
Fill greased or paper-lined miniature muffin cups two-thirds full. Bake at 375° for 12-15 minutes or until a toothpick comes out clean. Cool for 5 minutes before removing from pans to wire racks.