Beat the cream cheese with an electric mixer until smooth. With the mixer on low, slowly add the confectioners' sugar until well incorporated. Add the pistachio flavoring, vanilla and food coloring and mix well.
Microwave the white chocolate together with the shortening in a microwave-safe bowl. Add the melted chocolate to the cream cheese mixture and mix well. Add the pistachios and dried cherries and mix well.
Spray 24 ice pop molds or an 8-inch square pan and pour in the fudge. Refrigerate for at least 1 hour, then unmold and enjoy.
This recipe was created by a contestant during a cooking competition. It has not been tested for home use.