In large microwavable bowl, place cereal.
In 4-cup microwavable measuring cup, microwave liqueur, corn syrup and vodka uncovered on High 1 to 1 1/2 minutes or until mixture boils and thickens. Pour over cereal; toss to coat. Microwave uncovered on High 3 to 4 minutes, stirring every minute, until cereal is light golden brown.
Cool slightly; stir in crushed candy. Spread on waxed paper; cool completely. To serve, spoon mixture into small martini glasses; top each with cherry.