In large bowl, beat butter, sugar and eggs with electric mixer on medium speed until smooth. Beat in flour, baking powder and salt until well blended. Place half of dough in another medium bowl.
Beat almond extract, cherries and food color into half of dough. Divide cherry dough in half. Wrap each half of cherry dough in plastic wrap; refrigerate about 45 minutes or until firm.
Beat vanilla, milk and cocoa into remaining plain dough. Divide chocolate dough in half. Wrap each half of chocolate dough in plastic wrap; refrigerate about 45 minutes or until firm.
Place one part of chocolate dough between 2 sheets of waxed paper; roll into 10x7-inch rectangle. Repeat with one part of cherry dough. Refrigerate both about 30 minutes or until firm. Peel top sheets of waxed paper from both doughs. Turn cherry dough upside down onto chocolate dough; roll up doughs together, starting at long side, into a log. Wrap in plastic wrap; refrigerate 2 hours. Repeat with remaining parts of dough. Heat oven to 350°F Cut rolls of dough into 1/4-inch slices with sharp knife. On ungreased cookie sheet, place slices 1 inch apart.
Bake 8 to 11 minutes or surface appears dull. Remove from cookie sheet to wire rack.