Preheat oven to 425°F. Spray a 12 cup muffin tray with non-stick cooking spray or line with paper liners. If you have two trays, spray or line 16 cups.
In a large bowl, mix together 2 12/ cups flour, 1 1/2 teaspoons of baking powder, 1 teaspoon of baking soda, 1/2 teaspoon salt, 1 1/4 cups chocolate chips, and 3/4 cups halved maraschino cherries. Set aside.
In a medium bowl, whisk together 1/2 cup melted butter, 1 cup sugar, 2 eggs, 1 cup buttermilk, and 1 tablespoon vanilla. Slowly add to the wet ingredients to the dry ingredients. Fold together gently just until combined. Do not overmix.
Divide the batter into the 16 muffin cups and bake at 425°F for 5 minutes. Then reduce the oven temperature to 375°F and continue to bake for another 10-12 minutes or until a toothpick inserted into the center comes out clean. Do not overbake or the muffins will be dry.
Let cool for about 5-10 minutes and enjoy warm.