In a small saucepan, bring rum and dried cherries to a simmer, cover and remove from heat. Let stand for 30 minutes.
In a mixing bowl, whisk together egg yolks, sugar and creme fraiche.
In a 2 quart saucepan, let simmer for 5 minutes the condensed milk, heavy cream, black pepper and vanilla. Strain and chill.
Stir the cherries into the chilled custard, discarding the rum. Pour into an ice cream maker and process according to manufacturer's instructions.
Pour the milk into a medium heavy saucepan and bring to a boil. Reduce to a simmer and cook 45 minutes, stirring occasionally. Stir in the sugar and continue simmering 10 to 15 minutes or until reduced to 3 cups. Strain. Homemade condensed milk can be refrigerated up to a week.