Combine the regular chocolate chips, jam and oil in a glass dish and microwave for 90 seconds, stirring after 30 seconds and a minute. Pour the cereal into a large mixing bowl and pour the chocolate over the cereal. Stir gently with a spatula until the cereal is well coated.

Add the cherries and miniature chocolate chips and stir to combine. Add half the powdered sugar and toss lightly until all the sugar has been absorbed into the chocolate covered cereal. Add the rest of the sugar and stir again. Add just enough sugar to prevent the chocolate from being sticky, without being powdery. Store in an airtight container. Enjoy!