Cherry is a condition commonly seen in the veterinary practice. When the third eyelid prolapses, or pops out, it looks like a red cherry beside the eye so the condition came to be known as cherry eye.
The prolapsed gland is not life threatening but should receive treatment. Without treatment the gland will dry out and the dog will start to paw at the eye, possibly causing further damage to the gland and the eye itself.
To learn more about the condition read my article "Cherry Eye".