Combine butter, sugar, and heavy cream in a heavy bottomed saucepan.
Bring to a boil over medium heat, stirring frequently.

Once at a full boil, continue boiling for 3 minutes, stirring continuously.
Add cherry gelatin and stir continuously, boiling for another 2 to 3 minutes or until gelatin is completely dissolved.
Remove from heat and stir in white baking chips. (I use a whisk to get out all the lumps.)

Stir in marshmallow creme and cherry or vanilla extract.
Fold in dry maraschino cherries.
Pour into prepared pan and let cool to room temperature and then refrigerate