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1. In a medium saucepan stir together sugar and cornstarch; stir in water. Add cherries. Cook and stir over medium heat until thickened and bubbly. Cook and stir for 2 minutes more. Remove from heat.
2. Stir in liqueur and, if desired, food coloring. Serve warm or cooled to room temperature. (Cover and chill any leftovers for up to 3 days.)