1. In large saucepan melt butter over low heat. Add marshmallows, peanut butter and jelly. Cook and stir until completely melted. Remove from heat.
2. Add KELLOGG'S FROSTED FLAKES® cereal, cherries and peanuts. Stir until well combined.
3. Using buttered spatula or wax paper evenly press mixture into 11x7x1 1/2-inch pan coated with cooking spray. Loosely cover. Refrigerate at least 2 hours. Cut into rectangles. Best if served the same day.