In medium saucepan, over medium-high heat, add all cranberry and cherry sauce ingredients and stir to combine. Bring mixture to boil.
Turn down heat to low and continue to cook, stirring occasionally until sauce thickens, about 30-35 minutes.
Remove upper grill plate to expose broiler.
Attach lower grill plate. Preheat Grill & Broil on HIGH Broil.
Butter one side of each slice of bread and place on grill plate. Cook on HIGH Broil, butter side up, until toasted. Repeat with remaining slices of bread.
Remove bread and spread mayonnaise on unbuttered side and drizzle with honey mustard.
Place sliced turkey on top and spoon cranberry sauce over turkey.
Lay one slice of cheddar cheese on top of cranberry sauce and place under broiler. Cook on HIGH Broil for 4-5 minutes, or until cheese is melted and bubbly. Repeat with remaining sandwiches.