In a saucepan, cook pudding mix and 4 cups milk according to package directions. Remove from the heat. Sprinkle with gelatin and stir until completely dissolved. Cool for 10 minutes.
In a bowl, beat cream cheese and remaining milk until smooth. Gradually add gelatin mixture; mix well. Pour into oiled individual molds. Refrigerate overnight. Unmold; garnish with whipped cream and cherries if desired.
Editor's Note: Recipe may also be prepared in an 8-cup heart-shaped mold.