In small bowl, mix peanut butter, butter and corn syrup until well blended.
Spoon 1/4 cup ice cream into each of four 6- to 8-ounce clear plastic or paper cups. Top each with peanut butter mixture and peanuts. Spoon another 1/4 cup ice cream into each cup; press down gently. Cover each cup with foil. Freeze 30 minutes or until ready to serve.
To serve, spoon 2 tablespoons fudge topping into each cup. Top each with whipped cream and cherry.