Combine sugar, syrup, cream and 1 T. butter. Bring to boil; boiling to soft ball stage (235 - 240°). Remove from heat and add other tablespoon butter. Cover and cool quickly in sink with ice water. When warm, pour on buttered platter or cookie sheet. Once the sugar syrup has been poured onto the baking sheet, allow it to sit at room temperature for several minutes. After 2-3 minutes, lightly touch the syrup with a fingertip. When it is warm but not hot, it is ready to be worked.
Dampen a metal spatula or dough scraper with water, and use the scraper to push the syrup into a pile in the middle of the sheet. Using a dampened plastic spatula or wooden spoon, begin to "cream," or work, the fondant in a figure-8 pattern. Continually scrape the fondant into the center, draw a figure-8, then scrape it together again. At first the fondant will be very clear and fluid, but it will gradually become more opaque and creamy. Continue to cream the fondant in a figure-8 pattern for 5-10 minutes.
After 5-10 minutes, the fondant will become very stiff, crumbly, and hard to manipulate. You may have to use two hands to push the spatula through the fondant. Continue to work it until it becomes impossible to cream the fondant further. Knead the Fondant: Once the fondant reaches the stiff, crumbly state, moisten your hands and begin kneading it into a ball like bread dough. As you knead, the fondant will begin to come together and will get softer and smoother. Stop kneading once your fondant is a smooth ball without lumps.
If you want to make flavored fondant candies, it is best to "ripen" your fondant for at least 12 hours to obtain the best flavor and texture. To ripen the fondant, place it in an airtight plastic container, press plastic wrap directly onto the surface of the fondant, and seal the lid on tightly. Ripen the fondant at room temperature, or if it is hot, in the refrigerator. After ripening, the fondant can be flavored, rolled, and shaped in whatever manner you wish. To add coloring and flavoring to fondant, dust your workstation with powdered sugar, and lightly press your fondant flat. Cut several slits in the fondant, and pour the flavorings (like extracts, melted and cooled chocolate, or fruit purees) and food coloring in the slits. Dust your hands with powdered sugar and knead the fondant as you did before, until the coloring and flavoring are evenly distributed throughout the fondant.
I used the fondant to make chocolates. After draining the maraschino cherries on paper towels, wrap them individually in fondant and dip in chocolate for cherry chocolates. You can wrap nuts, dried fruits, etc.