Reserve 12 whole cherries for garnish. Chop remaining cherries; set aside.
In medium bowl, beat whipping cream with electric mixer on high speed until stiff peaks form.
In large bowl, stir together condensed milk, cinnamon, nutmeg, rum extract and vanilla. Fold in whipped cream until combined.
To make each parfait in jelly jar or glass, layer about 1 tablespoon cereal, about 1/4 cup cream mixture, some of the chopped cherries, another tablespoon cereal and a layer of cream mixture. Sprinkle top with cereal; top with 1 reserved whole cherry.
Cover; freeze at least 5 to 6 hours before serving.