Preheat oven to 350°F Line 30 standard (2-1/2-inch) muffin pan cups with paper baking cups.
Reserve 2 tablespoons cake mix. Combine remaining cake mix, water, bananas and eggs in large bowl. Beat with electric mixer at low speed about 30 seconds or until moistened. Beat at medium speed 2 minutes. Combine chopped cherries and reserved cake mix in small bowl. Stir chopped cherry mixture and 1 cup chocolate chips into batter.
Spoon batter into prepared muffin cups, filling 2/3 full. Bake 15 to 20 minutes or until toothpick inserted into centers comes out clean. Cool in pans on wire racks 10 minutes. Remove cupcakes to racks; cool completely.
Combine frosting and marshmallow creme in medium bowl until well blended. Frost cupcakes.
Combine remaining 1/2 cup chocolate chips and shortening in small microwavable bowl. Microwave on HIGH 30 to 45 seconds, stirring after 30 seconds, or until smooth. Drizzle chocolate mixture over cupcakes. Place one whole cherry on each cupcake.