Place 4 scoops ice cream (about ½ cup each) in a small pan. Freeze for one hour or until firm.
Stir together eggs and vanilla. In another bowl, stir together cinnamon and cereal. Dip each frozen ice cream ball in egg mixture, and then roll it in cereal mixture. Return coated ice cream balls to pan and freeze for one hour or until firm.
Heat oil to 375° and fry ice cream balls, one or two at a time, for 15 seconds or until golden brown. Drain on paper towels. Return to freezer while frying remaining ice cream balls.
Serve with whipped cream and garnish with cherries.