Cut marshmallows in pieces. Add the milk and cook over hot water until dissolved.
Remove from heat, stir well and when cool, fold in the whipped cream. Add rum and
fold in the nuts and cherries. Place in a mold that has been dipped in cold water
and lined with split ladyfingers.
Chill for 8 or more hours.
Unmold and serve surrounded with fresh fruit, if desired, or serve with Rum Sauce.
Rum Sauce: Beat 2 egg yolks and 1/3 cup sugar until thick. Add 2 tablespoons
rum gradually. Fold into 2 stiffly beaten egg whites.