Place frozen, sliced bananas in blender. Blend on high until pureed and creamy. If you need to, you can add milk to blender to help create thick and creamy consistency.

Spoon banana "ice cream" mixture into popsicle mold

Transfer popsicles to freezer and allow ~3 hours to completely set

While waiting, cover baking sheet with parchment paper and set aside

Remove popsicles from freezer and allow to sit at room temperature about 5 minutes. This will help you be able to remove popsicles from mold easier. If popsicles won't come out of mold after 5 minutes, you can carefully run outside of molds under warm water.

Meanwhile, fill small saucepan 3/4 full with water and place on stove over medium-heat. Set glass bowl over saucepan (double boiler). Pour chocolate chips into glass bowl and constantly stir until chocolate is melted.

Once chocolate chips are melted, allow to cool for ~2 minutes before dipping tip of popsicles into melted chocolate. Coat entire tip of popsicle with chocolate and then immediately sprinkle with chopped peanuts.

Lay popsicles on parchment lined baking sheet and place entire pan in freezer.

Allow about 5 minutes to completely set

Remove from freezer and garnish with whipped cream and cherries (if desired) and serve immediately.