1. In heavy saucepan or top of double boiler, melt 6oz white chocolate and the chocolate chips.
2. Stir in peanuts, marshmallows and cereal. Pour onto a greased 10-inch pizza pan or a 10-inch circle of cardboard covered with foil.
3. Spread to even out top. sprinkle with coconut.
4. Top with cherries. Melt remaining white chocolate; drizzle over pizza.