Gather all ingredients before starting the recipe.
Combine 1/3 cup honey, 1 tsp Asian chili sauce (hot), and 3/4 cup red wine vinegar, in a measuring cup and stir to combine. Set aside.
Heat 1 tbsp olive oil in a medium skillet over medium high heat and add 3 medium shallots peeled and halved, cut side down and season with kosher salt.
Cook shallots, undisturbed until the shallots are beginning to char underneath, about 5 minutes.
Add reserved vinegar mixture and 1 cup fresh (or frozen) pitted sweet cherries to the cooked shallots and bring to a fast simmer for about 5 - 6 minutes.
Reduce heat to a gentle simmer for another 10 minutes and or until until the sauce becomes slightly syrupy.
Remove from heat, add 2 tbsp unsalted butter, cut up in 2 pieces and stir until absorbed and smooth. Add a teaspoon of vinegar, if needed. Swirl pan to combine butter.
Season with kosher salt and freshly ground black pepper.