Heat oven to 375°F. Separate dough into 8 rolls; place, sides touching, on ungreased large cookie sheet to form wreath shape.
Bake at 375°F. for 12 to 14 minutes or until golden brown.
Meanwhile, add food color to icing; blend well.
Carefully remove warm wreath from cookie sheet; place on serving plate or tray. Cool slightly. Spread icing over wreath. Decorate each roll with 3 cherry halves.