In a large bowl, dissolve 1 package of gelatin in 3/4 cup boiling water. Add 1 cup cold water; stir. Refrigerate until partially set, about 1 hour. Stir in cherries. Pour into a 7-cup mold coated with cooking spray. Refrigerate for 1 hour or until firm., In a small bowl, dissolve remaining gelatin in remaining boiling water. Stir in remaining cold water. Refrigerate until partially set, about 1 hour. Fold in whipped topping. Carefully spread over top. Refrigerate for 4 hours or until firm. Unmold onto a serving platter.