How big a branch did you get?

Green lumber is typically sawn into two or three inch thick planks while fresh and then air dryed or kiln dried down to 12%.

With minimal tools at home and a maximum diameter under 8" or so I would split it into quarters or sixths or so, maybe eighths. Stack the wedge shaped pieces with cross sticks of some kind so that the cherry wood is mostly exposed to air and not touching other pieces of itself.

Do peel off at least some of the bark - as it starts to dry peel off the rest. I haven't worked with cherry specifically, but I too would be inclined to coat the end grain with either melted wax or several coasts of a latex paint.

If the wood dries unevenly, it will split and crack. Taking off the bark will help the length of each piece give off water all directions. Sealing up the endgrain will help the ends of each piece give off their water teh same way teh middle does, the ends are less likely to crack this way.

Cover the stack with plastic (maybe a shower curtain?) to keep the rain off and keep it outdoors. The first few months rotate the stack every week or two. By autumn of 2011 you can maybe take out and burn the pieces that split anyway, stack up what is left neatly and maybe only rotate the stack once during the winter of 2011-2012.

I would likely leave it outdoors over the summer of 2012 (esp if you have central air conditioning) and get a second opinion before you bring it indoors the autumn of 2012. You'll have plenty of time to get a second opinion from someone local to you with experience before then.