Drain peaches, reserving syrup. Drain cherries and set aside.
In 2-quart saucepan over medium-high heat, heat cornstarch, lemon juice and reserved peach syrup to boiling. Reduce heat to medium-low and add drained peaches and cherries. Cover and simmer 5 minutes or until heated through, stirring mixture occasionally.
Spoon peach-cherry mixture into 6-dessert bowl.
With paper towels, wipe saucepan clean. In same saucepan over medium heat, heat butter, then add uncooked oats and cook until lightly browned (about 4 minutes), stirring occasionally.
Add honey to oat mixture and toss until oats are well coated.
To serve, sprinkle warm oat-honey mixture over peach-cherry mixture in dessert bowls.