1. Preheat oven to 325°F. Mix milk, sugar, white chocolate and butter in large microwavable bowl. Microwave on HIGH 4 minutes or until butter is melted, stirring after 2 minutes. Stir until white chocolate is completely melted. Set aside.
2. Beat eggs, pumpkin, pumpkin pie spice and vanilla in large bowl until well blended. Add white chocolate mixture; stir until well blended. Add bread cubes, cherries and 1/2 cup of the pecans; stir until well coated. Spread evenly in greased 13x9-inch baking dish. Sprinkle with remaining pecans.
3. Bake 40 to 45 minutes or until knife inserted in center comes out clean. Serve warm with warm Vanilla Butter Sauce.