In a large mixing bowl, beat cream cheese and butter until combined. Add cherry juice and powdered sugar until fully blended. Fold in chopped cherries and 1/2 cup mini chocolate chips.
At this point you can either serve immediately...or continue on to make as a cheeseball. For the cheeseball, line a rounded bowl with plastic wrap. Pour mixture into bowl, bringing up sides of plastic wrap to cover the top. Refrigerate overnight.
When ready to serve, invert cheeseball onto serving plate and press remaining 1/2 cup mini chips into the cheeseball. Serve with graham crackers, animal cookies, apple slices, pretzels, etc!!
Notes
Having made this several times, it occasionally comes out too soft to set up. I have yet to figure out the rhyme or reason why sometimes it's soft, and sometimes it sets up fine. When it it too soft, rolling it in chocolate chips does help! Or putting it in a bowl and serving as a dip works too!
To make a dip:
Beat together all of the ingredients as directed in the recipe card.
Fold in the maraschino cherries and just half of the chocolate chips.
Now you can transfer the dip to a serving bowl and enjoy right away. No extra steps required.