1. Prepare grill.
2. Sprinkle lamb evenly with 1/4 teaspoon salt and pepper; set aside.
3. Bring port to a boil in a medium skillet over high heat. Boil, uncovered, 2 to 3 minutes or until reduced to 1/3 cup. Reduce heat to medium. Combine cornstarch and water in a separate bowl, stirring until smooth. Add cornstarch mixture and cherries to pan. Simmer 1 minute or until sauce is slightly thick. Remove from heat; stir in thyme and remaining 1/4 teaspoon salt.
4. Coat lamb with cooking spray; place on grill rack. Grill 5 minutes on each side or until desired degree of doneness. Serve cherry sauce over lamb.
Serve with: Grilled Red Onion and Zucchini