Combine the sweetened condensed milk, lemon juice, and 1/2 c. of the cherries in a food processor. Process until smooth.

Pour the mixture into a medium bowl and add the cream cheese. Mix well and refrigerate for 30 minutes.

Pour the heavy cream and sugar into a cold bowl. Beat with a hand mixer on high speed until it has thickened and stiff peaks form. Stir in the vanilla.

Add the cherry cream cheese mixture into the whipped cream mixture and gently fold it in. Add the remaining cherries and fold them into the ice cream mixture.

Place the mixture in a freezer safe container and place in the freezer. Stir every 30 minutes for 2 hours. After 2 hours use a spatula to smooth the top of the ice cream and freeze over night.