Combine 1 cup water water & 1/3 cup lemon juice in a small saucepan. Bring to a boil over high heat. Remove from heat. Add gelatin and stir until dissolved. Pour gelatin mixture into a medium bowl.

Drain the cherries, reserving the syrup. Add reserved syrup and sherry or water to gelatin mixture and mix well. Chill, covered, until partially set, about 45 minutes.

Brush a 7 cup ring mold with vegetable oil. Fold the cherries and pecans into chilled gelatin mixture. Pour into prepared mold. Chill, covered, until set, about 1 to 2 hrs.

Combine remaining lemon juice and marshmallow cream in a medium bowl. Beat with an electric mixer set at medium speed until blended. Add whipping cream gradually, beating constantly until soft peaks form. Spoon into small serving bowl. Chill, covered, until serving time.

Invert salad onto prepared serving platter. Place sauce in center of salad.