Line large cookie sheet with foil. Spray foil with cooking spray. Generously spray 20 hollow metal 6-inch cookie cutters; place on cookie sheet.
In 2-quart saucepan, melt white vanilla baking chips over low heat, stirring frequently, until smooth. Remove from heat. Stir in frosting and cherry extract.
Fill each cookie cutter with 1/2 cup melted mixture. Refrigerate until firm, about 1 hour. Decorate as desired.
Wrap each filled cookie cutter gift with cellophane or plastic wrap; tie with ribbon. Store in refrigerator.