Cut fine peel from oranges and reserve.
Remove remaining white peel and discard.
Put peaches, oranges and orange peel through medium blade of food chopper or processor.
Place fruit mixture and sugar in large microproof casserole.
Cook on HIGH to boil, then reduce power level and simmer for seven minutes.
Add cherries during last five minutes of cooking time.
Pour into sterilized bottles and seal while warm.