Combine egg yolks and sugar; beat until thick and lemon colored. Set aside.
Combine 1/2 cup rum and water in a small saucepan; add gelatin, stirring to dissolve. Cook mixture over medium heat 5 minutes, stirring constantly. Remove from heat, and cool slightly.
Add cooled gelatin mixture to yolk mixture, stirring to blend well. Gradually fold into whipped cream. Fold in remaining 1/4 cup rum. Spoon mixture evenly into piecrusts. Chill until set. Garnish with candied cherries.