Press 1/4 cup Breyers BLASTS!® M&M'S® Brand Light Ice Cream into each cone, then evenly top each with remaining Ice Cream. Stand cones in 6-cup muffin pan and arrange aluminum foil around bases so cones remain upright. Freeze 1 hour.
Shake ice cream topping VERY WELL and pour into 1-cup glass measuring cup. Dip each cone into topping. Allow excess to drip into cup; return to muffin pan. Evenly top each with Breyers™ Rainbow Sprinkles, whipped topping and cherries. Freeze until ready to serve.