Place the milk and chocolate in a microwave safe bowl and heat in 30 second increments until the chocolate is melted in the condensed milk. (Every microwave is different so it should take anywhere from 1-2 minutes).
Next, add the vanilla and cherries. Mix well; then pour the mixture into a parchment lined 8"x8" pan.
Refrigerate for at least 2 hours or up to overnight; then cut into 36 pieces.
You can keep the fudge stored in an airtight container at room temperature for 1-2 weeks, in the refrigerator for 2-3 weeks or in the freezer for up to 3 months (as long as it's wrapped in plastic wrap before storing in a freezer bag).