Combine margarine, cherry juice, cherries and vanilla. Beat on medium speed until creamy and well mixed. Add powdered sugar and dry frosting gradually, mixture will become very stiff. Add another tablespoon cherry juice, if needed. Roll in small balls and place on cookie sheet, Covered with wax paper. Chill.
Melt chocolate chips, add peanuts. Dip candy into mixture. Drain on wax paper.