Place gelatin in a large bowl. Add 1 cup reserved cherry juice and boiling water. Whisk thoroughly until gelatin is dissolved. Transfer to refrigerator and chill until beginning to set, about 15 minutes.
Remove gelatin from refrigerator, and add either sour cream or whipped cream cheese. Beat with a hand-held electric mixer until smooth. Add cherries; stir to combine. Pour mixture into a 3-quart mold. Refrigerate until firm.
Quickly dip mold into a bowl of warm water. Wipe mold dry. Place a serving plate on top of mold and invert. Repeat dipping process if necessary to release gelatin. Serve immediately or chill until serving.
(c)2003 Martha Stewart Living Omnimedia, Inc. All Rights Reserved.