In a small dish, combine cornstarch and cold water. Stir until combined and there are no more clumps; set aside.
In a medium saucepan over medium-low heat, add cherries, lemon juice, and granulated sugar. Stir until the sugar dissolves. Add cornstarch mixture to saucepan and stir until mixture starts to thicken. Take off heat and set aside to cool to room temperature, about 90 minutes.
In large mixing bowl add cream cheese, confectioner's sugar and vanilla. Beat on high speed with an electric mixer until smooth. Reduce to low, and slowly add in mini chocolate chips and mix until combined. Fold in cherry mixture until just combined.
In a separate mixing bowl beat heavy cream to stiff peaks. Fold whipped cream into cream cheese mixture. Chill in fridge for at least 1 hour. Serve with graham crackers, vanilla wafers, pie crust dippers, etc.
The nutrition information calculated below is just for the dip and not any dippers that you use.