Sauté shallot in hot oil in a medium skillet over medium-high heat 2 to 3 minutes or until tender. Add cherries (and any liquid in package) and next 5 ingredients. Cook, stirring occasionally, 8 to 10 minutes or until thickened. Let stand 10 minutes.
Divide arugula among toasted bread slices. Top each with cherry mixture and 1 blue cheese slice. Garnish, if desired.