1Heat oven to 350°F. Lightly spray 2 cookie sheets with cooking spray.
2In large bowl, beat butter and sugar with electric mixer on medium speed about 3 minutes or until creamy. Beat in vanilla and eggs. Stir in flour and baking powder until blended. Stir in nuts and cherries. Divide dough in half. On each cookie sheet, shape half of dough into 10-inch roll; flatten to 3-inch width.
3Bake 25 minutes or until set and edges begin to brown. Remove from cookie sheets to cooling racks. Cool 10 minutes. With serrated knife, cut rolls diagonally into 1/2-inch slices. Place slices, cut sides down, on ungreased cookie sheets. Bake 8 to 10 minutes or until lightly browned and dry. Turn cookies over; bake 8 minutes longer or until lightly browned and dry. Remove from cookie sheets to cooling racks. Cool completely, about 20 minutes.
4In small microwavable bowl, microwave white chocolate uncovered on High 1 minute, stirring once, until softened and chocolate can be stirred smooth. Dip one-third of each cookie in white chocolate. Place on waxed paper; let stand until set. Store tightly covered at room temperature.