Combine dried cherries, preserves and vinegar in a small microwave-safe bowl; mix well. Microwave on High (100% power) 1 to 1-1/2 minutes, or until hot. Let stand 5 minutes.

Stir in red onion, yellow and green bell pepper and thyme; mix well. Refrigerate, covered, 3 to 4 hours or overnight. Serve as a sauce with roast turkey or chicken. This relish is also good with grilled hamburgers.