Heat oven to 350°F. Divide dough in half; refrigerate one half until needed. With hands, shape one half of cookie dough into 7 1/2-inch-long triangle-shaped log. (If dough is too soft to cut, place in freezer 30 minutes.)
With thin sharp knife, cut dough into 30 (1/4-inch-thick) triangular slices; on ungreased cookie sheets, place 2 inches apart. Place 2 pretzel twists on each triangle near corners for antlers.
Bake 7 to 11 minutes or until set. While warm, lightly press 2 chocolate chips into each cookie for eyes and 1 cherry half for nose. Remove from cookie sheets. Let stand until chocolate chips are set, about 15 minutes. Repeat with remaining half of dough. Store between sheets of waxed paper in tightly covered container.