In a large saucepan, warm olive oil over medium heat. Add onions and sauté until translucent, about 5 minutes.
Add the garlic and sauté for one minute, or until the garlic is fragrant.
Down the heat down to medium-low and add the rest of the ingredients: cherries, brown sugar, ketchup, crushed tomatoes, apple cider vinegar, Worcester sauce, molasses, mustard powder, smoked paprika and liquid smoke.
Simmer uncovered for 20 minutes, stirring occasionally, until the cherries are tender.
Transfer to a blender and blend until very smooth.
Use immediately, or let cool and store in an airtight container in the refrigerator, or freezer.
*Make the sauce a couple of days ahead of time – it tastes even better after a couple of days.