Combine the cherry juice and sugar in a large bowl and stir vigorously to dissolve. Pour half of the cherry juice into 3 or 4 pop molds, filling them to varying heights. Pour half of the peach nectar into 3 or 4 more pop molds. Freeze 2 hours.
Fill the cherry pops with peach nectar, and fill the peach pops with cherry juice. Insert wooden sticks three-quarters of the way into the pops and freeze until solid, at least 2 hours or overnight. To release the pops, run the molds under warm water.