Preheat oven to 350 degrees. Grease and flour pans. In a large mixing bowl, combine all cake ingredients except for the chopped maraschino cherries. Using an electric mixer, beat for about 5 minutes, scraping sides of bowl as needed. Stir in chopped cherries. Pour batter into pans and bake for 30-35 minutes or until cake springs back when lightly touched. Allow cakes to cool in pans on a wire for about 10 minutes. Run a knife around edge of pans and invert cakes onto racks. Allow cake to cool completely while making the frosting. For the frosting, combine cream cheese and butter with an electric mixer on low speed. Incorporate the powdered sugar and then the cherries and enough maraschino liquid to make the frosting spreadable. Frost the cakes and share with your Valentine.