Bring the milk to a boil in a 2-quart nonstick saucepan set on medium-high heat. Add the rice and salt, then reduce the heat to medium and keep the mixture at a simmer for 10 minutes, stirring often.
In a medium bowl, mix the egg yolks, sugar, and almond and vanilla extracts, stirring to dissolve the sugar. Slowly pour the egg mixture into the pan containing the milk-rice mixture and stir until thoroughly mixed. Continue cooking over medium-low heat for 5 minutes, stirring constantly to prevent the pudding from sticking to the bottom of the pan. The pudding should become thick enough to coat the back of a spoon. Stir in the cherries and pour the pudding into a large serving bowl or individual dessert bowls.
If you wish to serve the pudding warm, let it cool at room temperature for 15 to 20 minutes, and serve. To serve chilled, refrigerate for at least 2 hours or overnight, covered.
4 cups milk
1½ cups uncooked Arborio rice
Pinch of salt
3 egg yolks
2 teaspoons almond extract
1 teaspoon vanilla extract
1 8-ounce can dark cherries, drained and cut in half, juice discarded