You can do either. Luxardo makes delicious (if rather expensive) cherries preserved in their Maraschino liqueur. With a little work but less expense, you can also make your own excellent liqueur-preserved cherries -- recipes abound on the internet, but here are some good instructions: http://www.seriouseats.com/recipes/2011/07/brandied-cocktail-cherries-variations-on-maraschino-cherries-recipe.html
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