Preheat oven to 350°F. Grease a Bundt pan generously with vegetable shortening. Set aside.
Place all of the cake ingredients in a large bowl. With an electric mixer, beat on low until combined, then turn up to medium high and beat for 2 minutes. Pour into prepared pan and bake for 40-45 minutes or until a toothpick inserted into the middle comes out clean. Let cool.
Meanwhile, prepare frosting. Add frosting ingredients to a large bowl. Mix with an electric mixer on medium high until thickened. Spread onto cooled cake. Garnish with Cool Whip and cherries. If desired, place Cool Whip in a pastry bag fitted with a 1M pastry tip to pipe onto cake. Store covered in refrigerator for up to 3 days.