Heat oil in a medium sized saucepan over medium heat. Add onion and cook, stirring occasionally until onion begins to soften and begins to become transparent.Add rice to pan and cook for 1 minutes, stirring to coat the rice with the oil.Add stock, salt, pepper and water. Bring contents to a boil on medium-high heat uncovered.Reduce heat to low, cover and let simmer for 10-15 minutes or until liquid is absorbed.Remove from heat and let stand for 5 minutes. Add dried cherries and stir to combine.