Bake, roll, and chill cakes as directed. Remove towels.
Spread half of ice cream over top of 1 prepared cake on foil piece, leaving a 1-inch border; sprinkle with half of chopped cherries, and roll up, jelly-roll fashion, ending seam side down. Wrap cake roll with foil piece, sealing at both ends. Place in freezer. Repeat procedure with remaining ice cream, cherries, and prepared cake on foil piece.
Freeze cake rolls at least 8 hours or until firm. Unwrap and frost each evenly with whipped topping. Serve immediately, or freeze cake roll 1 hour or until whipped topping is firm; rewrap with foil, and freeze until ready to serve. Garnish, if desired, and serve with Hot Fudge Sauce.