Pour the wine in a small mixing bowl, then add the cherries, allowing them to marinate for a couple of hours or overnight in the refrigerator.
In a large mixing bowl, mix the cream cheese and butter until combined.
Drain the wine off the cherries. Add 1/4 cup wine and the powdered sugar to the cream cheese and butter mixture. Mix.
Fold in the maraschino cherries.
If you are making a dip to serve immediately, add all the chocolate chips, mix, and serve.
If you are making a cheeseball, add 1/2 cup of the mini chocolate chips, then line the sides of a nicely rounded bowl with plastic wrap. Pour in the cherry cream cheese mixture, and bring the sides of the plastic wrap to the top to completely cover the top of the cheeseball mixture.
When ready to serve, invert bowl and press remaining 1/2 cup of mini-chips to the sides of the cheeseball.
Serve with chocolate graham crackers or chocolate teddy-bear shaped graham cracker cookies.