With a mixer, beat heavy whipping cream until thick. Pour in sweetened condensed milk and vanilla and fold in until smooth.
Next, pour half the ice cream into a freezer safe container. Top with half of the cherries and white chocolate. Repeat with another layer and top with the remaining cherries and white chocolate.
Freeze for 5-6 hours or overnight. When it is time to serve, remove from freezer and let sit on the counter to soften for 5-10 minutes before serving.
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