In a small saucepan, combine milk and vanilla; stir in marshmallow creme. Cook and stir over low heat until smooth. Transfer to a large bowl; cool.
Stir in candy bars, almonds and cherries. Fold in whipped cream. Transfer to an ungreased 9x5-in. loaf pan. Cover and freeze for at least 4 hours. Remove from the freezer 10 minutes before serving. Unmold and slice.