In a mixing bowl, beat cream cheese and unsalted butter together until smooth and creamy. Gradually mix in powdered sugar, ensuring a thick consistency, and then fold in dried cherries, chopped pecans, bourbon, and vanilla extract until fully combined.

Cover the bowl with plastic wrap and place it in the refrigerator for about 1 hour or freeze for 20 to 30 minutes until firm enough to handle.

Scoop out the firm filling using a tablespoon and roll into 1-inch balls. Place on a parchment-lined baking sheet and chill for another 20 minutes.

Melt semi-sweet or dark chocolate with coconut oil in a microwave-safe bowl or double boiler, heating gently until melted and glossy.

Dip each truffle into the melted chocolate, allowing excess to drip off. Garnish with a whole cherry or cherry piece immediately after coating.

Let the coated balls sit at room temperature until the chocolate hardens, about 15 to 20 minutes, or refrigerate for quicker setting.