Place all ingredients except chocolate chips and cherries in a mixer. Beat for 4 minutes, stopping to scrape down the sides. Fold in cherries and chocolate chips. Pour batter into a well-greased bundt pan. Bake at 350 for 40-50 minutes or until tests done.

Combine whipping cream, powdered sugar, and vanilla. Whip until stiff peaks form.

In a separate bowl, prepare pudding according to package directions.

Allow cake to cool completely, then cut or crumble into bite-sized pieces. Place a ring of maraschino cherries at the bottom corner of a large clear bowl or trifle dish. Alternate layers of pudding, whipped cream, and cake, taking care to make each layer distinct. Just before the last layer, place another ring of cherries around the circumference of the dish, then cover with the next layer. Garnish with a dollop of whipped cream, crumbled cake, and a single cherry. If possible, refrigerate for 30 minutes prior to serving.