1. Drain cherries, reserving juice; set cherries aside. Add enough cold water to cherry juice to measure 1-1/4 cups. In a large bowl, beat cake mix and cherry juice mixture on low speed for 30 seconds. Beat on medium for 2 minutes.
2. Gently spoon into an ungreased 10-in. tube pan. Cut through batter with a knife to remove air pockets. Bake on the lowest oven rack at 350° for 40-50 minutes or until dark golden brown and entire top appears dry. Immediately invert pan onto a wire rack; cool completely, about 1 hour. Run a knife around sides of cake and remove from pan.
3. In a microwave, melt chocolate chips; stir until smooth. Pat cherries dry with paper towels. Holding cherries by the stem, dip in chocolate; allow excess to drip off. Place on waxed paper; refrigerate until set.
4. In a large bowl, whisk milk and pudding mix for 2 minutes. Let stand for 15 minutes or until thickened. Whisk until smooth. Fold in whipped topping. Slice cake; serve with mousse and dipped cherries. Yield: 12 servings.