Place cherries on a baking sheet lined with paper towels. Allow all juice to absorb off the cherries.
Place softened butter, corn syrup, and powdered sugar in a medium mixing bowl. Work together with your hands until a dough forms. If dough is too sticky, add a bit more powdered sugar.
Roll 1 teaspoon of dough in your hands and then press it into a flat circle. Place a cherry in the center of the dough. Gently wrap the dough up and around the cherry, covering it completely.
Place wrapped cherries on a baking sheet lined with parchment paper. Place in freezer for 30 minutes.
Melt some of the chocolate chips in a short, narrow glass in 30-second intervals. Stir often.
Dip frozen wrapped cherries into the melted chocolate, covering them completely. Allow excess chocolate to drip off. Once again, place cherries on a baking sheet lined with parchment paper.
Note: After the first dip, the underside chocolate layer of the cherry may be very thin. If you are giving these as gifts, you may want to dip the bottoms lightly again into the melted chocolate to hold the center. The fondant tends to breaks down into liquid over time so if you don't dip into the melted chocolate a second time, your cherries may leak.
Add sprinkles immediately before chocolate hardens. Melt more chocolate chips as needed.
Notes
Keeping the stems on your cherries makes them easier to dip into the chocolate.
The longer the cherries sit, the better they taste. Let them sit for a bit so the flavors can mix together well.
After washing, make sure that you dry off your cherries well as it will keep the chocolate from sliding off.