Combine the cream cheese, powdered sugar and vanilla and mix well.
Fold in the chopped cherries.
Melt the chocolate chips and coconut oil together in a double boiler or in the microwave. Stir well.
Drizzle the chocolate mixture over the cream cheese mixture. Do not stir.
Place in the refrigerator until the chocolate has hardened. (about 20 minutes)
Once the chocolate has hardened, stir the mixture and place onto plastic wrap. Cover and chill in the refrigerator for at least 30 minutes. (preferably over night)
Shape into a ball, remove plastic and place on serving tray with cookies for dipping.