In a large mixing bowl, cream butter and sugar together with electric mixer until well mixed. Add eggs and beat until combined. Add chocolate Cream of Wheat, flour and baking powder and mix well.
Line a 13x9x2-inch pan with aluminum foil, leaving some excess on sides in order to remove easier. Spray with cooking spray. Pour batter into pan and spread out evenly with spatula.
Bake in a preheated 350-degree oven for 30 minutes or until toothpick inserted in center comes out clean.
While cake is baking, make syrup by combining the sugar and water in a small saucepan. Bring to a boil and cook for 15 minutes. Set aside until cake is done.
Remove cake from oven and allow cooling for 5 minutes. Remove cake from pan and peel off aluminum foil. Place cake on a cutting board and with knife, poke holes on top of cake. Pour syrup over cake allowing it to drizzle over sides. You may have to spread some syrup with a knife. Allow resting about 5 minutes until syrup is absorbed.
Cut into 24 pieces and top each piece with maraschino cherry half.