Separate biscuits. Dip both sides in melted butter. Roll in peanuts coating well. Arrange in an overlapping circle on a pie tin. Dust lightly with cinnamon. Bake in a preheated 425(degrees) F. oven for 10 minutes or until golden brown. Mix confectioners sugar and water. Pour over ring to glaze. Garnish with cherries. Serve warm. Makes 6-8 servings.