In a saucepan, bring 1/2 cup water, 1/2 cup sugar, 2 tsps lemon juice, 1 cinnamon stick, a pinch of nutmeg, and 1 tsp vanilla extract to a boil. Reduce heat to medium.
Add 1 lb pitted cherries and simmer for 5-7 minutes.
Remove from heat. Add 1 cup maraschino.
Cool and store in a clean, airtight container for up to two weeks.