Combine juice, vinegar and honey in a medium saucepan over medium-high heat; bring to a boil. Reduce heat to medium; cook for 3 min. Add cherries; increase heat and return to a boil. Reduce heat to medium; cook for 2 min. more. In a small dish, whisk water into cornstarch; add to sauce mixture and cook until thickened (about 2 min.). Remove from heat; stir in butter and season with pepper, if desired. Serve warm.
- This sauce is as good on grilled chicken or pork as it is on desserts, including cheesecake, pound cake, ice cream and meringues.