1. Step 1: Separate the eggs. Let the egg whites sit at room temperature for approx 30 minutes. In the meantime, in a separate bowl, mix the flour, sugar, baking powder, and salt. In yet another bowl, whisk the egg yolks, water, maraschino cherry juice, and oil; add to the dry ingredients and beat until blended. Set aside. {Note: I did all of this by hand so I could save my mixer for the egg whites.}
2. Step 2: Add the cream of tartar to the egg whites and beat on medium speed until stiff peaks form. Gently fold into the batter. Remove 1/3 of the batter to a small bowl – tint with the red food coloring. Spoon the plain and pink batters into an ungreased 10 inch tube pan. Swirl with a knife.
3. Step 3: Bake on the lowest oven rack at 325° for 60-70 minutes or until the cake springs back slightly when touched. Immediately turn the pan upside down over a wire rack and cool completely.

For the frosting

1. In a small saucepan, combine the sugar, 2 egg whites, corn syrup, maraschino cherry juice, water, and cream of tartar over low heat. Whisk briskly for about a minute, then continue whisking over low heat until the frosting reaches 160°, about 8-10 minutes. Pour into your mixer bowl and add the vanilla extract. Beat on high until the frosting forms stiff peaks (about 7 minutes.)
2. Carefully run a knife around the center and inside edges of the cake. Remove the cake and put it on a serving plate. Brush off the crumbs gently. Carefully frost the cake. Decorate with maraschino cherries.