Combine all of the ingredients in a medium saucepan and bring to a boil. Simmer over low heat for 5 minutes. Using a slotted spoon, transfer the cherries to a medium bowl. Simmer the wine over moderate heat until syrupy and reduced to 3/4 cup, about 8 minutes. Transfer the Pinot Noir syrup to a small bowl to cool, then stir in the cherries. Serve at room temperature.
The syrup can be refrigerated for 1 week. Bring to room temperature before serving.