In a large mixing bowl cream butter and sugar until soft and fluffy. Blend in milk and flavorings. Shape mixture into ½ inch balls and press a cherry into the center of each, or mold mixture around each cherry. Place on waxed paper and refrigerate until ready to dip.
Hold the candy between two forks with long tines and dip in chocolate until well coated. Place coated candies on waxed paper lined cookie sheet and refrigerate until firm.