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In a medium bowl, combine cherries, red wine vinegar and balsamic vinegar. Let soak 30 minutes. Heat butter in a large skillet. Add onion; cook 5 minutes, or until onion is soft. Add sugar; mix well. Cook, stirring occasionally, over low heat 10 minutes. Add cherries with soaking liquid to onion mixture. Simmer, uncovered, 10 to 15 minutes, or until almost all the liquid is evaporated. Season with salt and pepper. Serve warm. Makes about 2 cups. 12 servings as a relish.