Combine first 3 ingredients in a heavy saucepan. Bring to a boil; cover, reduce heat, and simmer 13 minutes or until liquid is absorbed.
Meanwhile, combine cherries and orange juice in a small microwave-safe bowl. Microwave at HIGH 2 minutes or until hot. Let stand.
Stir reduced-fat milk and next 4 ingredients into rice. Scrape seeds from vanilla bean; stir seeds and vanilla bean into milk mixture.
Cook over medium heat, stirring frequently, 30 minutes or until mixture is thick and creamy (mixture will look like cooked oatmeal or cream of wheat). Remove and discard vanilla bean. Drain cherries, if needed. Stir into pudding. Serve warm or chilled.
Note: Overcooking the pudding will cause it to become thick and solidify. Cook pudding to a cooked cereal (oatmeal, cream of wheat) consistency.