Cream the softened cream cheese and unsalted butter together in a large mixing bowl using an electric mixer on medium speed until smooth and creamy, about 2 to 3 minutes.

Gradually add powdered sugar while beating on low speed until fully incorporated, aiming for a thick creamy consistency. Scrape down the sides of the bowl as needed.

Gently fold in dried cherries, chopped pecans, bourbon, and vanilla extract until evenly distributed.

Chill the mixture in the refrigerator for about 1 hour, or in the freezer for 20 to 30 minutes until firm enough to hold its shape.

Scoop tablespoon-sized portions and roll into smooth balls. Arrange on a parchment-lined tray, refrigerating again for 20 minutes if necessary.

Melt semi-sweet or dark chocolate in a microwave-safe bowl or double boiler until smooth, about 1 to 2 minutes, stirring frequently. Add coconut oil if using.

Carefully dip each chilled ball into the melted chocolate using a toothpick or fork, allowing excess chocolate to drip off.

Before the chocolate hardens, place a whole or dried cherry on top of each ball for garnish.

Let the chocolate set at room temperature for 15 to 20 minutes until fully hardened.