In a saucepan over medium low, stir the milk and chocolate together until it is thick and warm. Make sure to stir constantly to avoid burning. Remove from heat and stir in the vanilla extract.
In a bowl or glass put two scoops of vanilla ice cream
Pour the hot fudge over the ice cream
Put a dollop of whipped cream and a cherry on top.
Serve with extra hot fudge on the side.