In a large bowl, cream butter and sugars until light and fluffy. Beat in egg. Combine flour and baking soda; gradually add to creamed mixture and mix well. Stir in the oats, chocolate chips, cherries and nuts.
Drop by tablespoonfuls 2 in. apart onto greased baking sheets. Bake at 375° for 9-12 minutes or until lightly browned. Remove to wire racks.