Make the glaze by whisking together the powdered sugar and cream. Set aside.

In a large bowl, whisk together the flour, baking powder, sugar, and salt. Stir in the chopped maraschino cherries.

In a separate bowl, whisk the egg, then add in the buttermilk and cherry syrup/juice and continue whisking.

Pour the pink milk mixture into the flour mixture and fold together using a large wooden spoon or rubber spatula. Finally, stir in the melted butter.

Heat at least 2 inches of oil in a heavy-bottom saucepan or Dutch oven until it reaches 350°F.

Carefully drop spoonfuls (about 1-2 teaspoons in size) of dough into the hot oil, doing about 4-5 doughnut holes at a time. Fry for about 2 minutes, using a fork or spoon to turn the doughnuts over.

Remove the doughnuts from the hot oil using a slotted spoon and place on paper towel to cool. Break one doughnut in half to ensure they are cooked throughout, and adjust frying time as needed.

Allow the oil to come back to 350°F, and repeat the process with the rest of the batter.

Once the doughnut holes have cooled slightly, dip them in the glaze and then set them on a wire rack to dry.