In a large bowl, combine the chopped maraschino cherries, cherry juice, softened butter, almond extract, vanilla extract, and salt. Mix until well incorporated.

Gradually add powdered sugar, stirring continuously until the mixture thickens to a dough-like consistency.

Cover the bowl with plastic wrap and refrigerate for 20–30 minutes.

Once chilled, use a cookie scoop or your hands to form 1-inch balls and place them on a parchment-lined baking sheet.

Freeze the truffle balls for 15–20 minutes.

In a microwave-safe bowl, combine semisweet chocolate chips and peanut butter. Heat in the microwave in short bursts, stirring until melted and smooth.

Dip each truffle ball into the melted chocolate-peanut butter mixture, then return them to the parchment sheet.

Refrigerate the coated truffles for about 15 minutes to set the chocolate coating.

Optionally, top each truffle with chopped salted peanuts, melted white chocolate, or a small piece of maraschino cherry.