Preheat the oven to 350°F (175°C). Grease and flour a cake pan.

In a mixing bowl, cream together the softened butter and sugar until light and fluffy.

Add the eggs one at a time, mixing well after each addition. Stir in the vanilla extract.

In a separate bowl, combine the flour, baking powder, and salt. Gradually add to the creamed mixture alternately with milk.

Pour the batter into the prepared cake pan and smooth the top.

Bake in the preheated oven for 30 minutes or until a toothpick inserted into the center comes out clean.

In a small saucepan, combine the cherries, sugar, and lemon juice. Cook over medium heat until the cherries are soft and syrupy, about 5-7 minutes.

In a mixing bowl, beat together the softened butter and powdered sugar until smooth. Add the vanilla extract and milk, and mix until creamy.

Once the cake has cooled, spread the frosting evenly over the top.

Top with the cherry mixture and serve.