Combine water, sugar, and cinnamon in soup kettle. Bring to a boil and add cherries. Simmer, partially covered, over low heat 35 to 40 minutes if cherries are fresh, 10 minutes if canned. Remove cinnamon stick. Mix arrowroot and 2 tablespoons cold water to form a paste. Beat into soup until smooth. Increase heat and stir constantly until soup boils. Reduce heat and simmer 2 minutes or until slightly thick. Cool and chill. Before serving add cream and wine and stir. If served as an appetizer, garnish with lemon peel or sour cream; as a dessert, top with whipped cream and sprinkle with cinnamon.