Place the heavy cream in a large bowl that has been chilled.

Using a mixer, beat on medium speed until it begins to thicken then turn it on high speed until it begins to thicken and become the consistency of whipped cream.

Add in the sweetened condensed milk and vanilla and beat on high for 2 minutes.

Pour into a container to freeze.

Add the cherries and chocolate chips and gently fold them into the mixture.

Cover with a lid or plastic wrap and freeze for at least 4 hours.

Remove from freezer and enjoy!