Preheat oven to 375°.
Lightly spoon 1/4 cup flour into a dry measuring cup; level with a knife. Combine with 1/4 cup brown sugar and cinnamon in a bowl; cut in margarine with a pastry blender or 2 knives until mixture resembles coarse meal. Set streusel mixture aside.
Lightly spoon 1 2/3 cups flour into dry measuring cups, and level with a knife. Combine with granulated sugar and next 4 ingredients (granulated sugar through salt) in a large bowl. Combine buttermilk and next 6 ingredients (buttermilk through almond extract), and stir with a whisk. Add the buttermilk mixture to the flour mixture, stirring until blended. Gently fold in dried cherries. Spoon batter into a 9-inch round cake pan coated with cooking spray. Sprinkle streusel mixture evenly over top.
Bake at 375° for 30 minutes or until a wooden pick inserted in center comes out clean. Cool on a wire rack.