To make optional garnish: Melt 4 ounces milk chocolate chips in microwave or in saucepan on low heat. Dip fresh cherries or maraschino cherries in melted chocolate and place on a plate. Allow to set up in the refrigerator 20 minutes.
Combine the ice, white chocolate liqueur, vanilla-flavored vodka, maraschino liqueur, and Irish cream liqueur in a cocktail shaker and shake. Strain into a martini glass, and garnish with a chocolate-covered cherry, if using.
If you plan to make the optional garnish for this drink, make it first, to allow time for the chocolate-covered cherries to set up.