Place frozen banana and cherries in a food processor and blend until smooth. You will need to stop and scrape down the sides couple of times.
Then add a sachet of dream whip and blend again, this will thicken the ice cream.
If you want to have bits of cherries add few tsp of chopped cherries and gently mix in.
Transfer to a freezer-safe container, preferably metal container and freeze for at least 4-6 hours.