Preheat oven to 425°. Spray with non-stick spray or grease donut baking pan.
In a medium bowl, combine all donut ingredients except chopped cherries. Stir to combine until smooth. Fold in cherries until evenly dispersed in batter.
Fill donut wells 3/4 full with batter. Stir batter with a toothpick in each well to level.
Bake in preheated oven for 10 minutes. Donuts are fully baked when they spring back when touched. Top of donuts will be pale. Remove from oven and cool slightly before removing from pan. Invert pan over flat surface and donuts should fall out. If not, pry gently from the side with a sharp knife or fork.
Make the Glaze
Add all glaze ingredients to a shallow dish and stir until smooth. If glaze is too thick, add teaspoons of milk, one at a time, until glaze is the consistency of maple syrup.
To glaze, dip donuts, pale side down, into glaze. Remove and place glaze side up on pan or tray. Sprinkle with valentine sprinkles. For best results allow glaze to set before serving, about 30 minutes.
Regular milk may be substituted for the buttermilk