Scoop out medium-sized scoops of ice cream (appx. 1/2 cup size) and roll into balls (you can do this using gloves so your hands don’t get all sticky). Freeze for about an hour.
Meanwhile, combine corn flakes, coconut, and cinnamon and divide into two equal portions. Put one portion in a Ziploc bag to use later and put the remaining portion in a bowl.
Roll ice cream balls in corn flake mixture. Put on a plate, cover with plastic wrap and freeze overnight.
Coat ice cream balls with corn syrup and roll in remaining mixture (the one you put in the plastic bag). You want the balls completely coated, so if needs be, re-coat the balls with corn syrup and roll again in the mixture. Freeze another hour or so.
Heat oil in a large pot or deep fryer to 400 degrees. One at a time, lower the balls into the oil and fry until golden brown (about 30-45 seconds). Remove from the oil and place in a bowl. Drizzle with chocolate and/or caramel and top whipped cream and a cherry. Repeat with the remaining ice cream balls.