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Taste for seasoning and pour into 6 or 8 individual dishes -- the white-fluted souffle type or any "pudding" dish. Cover tightly with plastic and refrigerate for several hours to set.
Meanwhile, build the sauce. In a medium saucepan, reduce the red wine by half its volume; lower the flame and add the cherries, gently simmering together for 5 minutes. Add the butter and simmer for another minute.
Remove the mousse from the refrigerator 1/2 hour before serving. Place the individual dishes on large, flat plates. Place some walnut halves and a few pieces of toast on each plate and drizzle the warm cherry sauce over the mousse.
At the table, a little of the mousse and its sauce is spread on toast and topped with a piece of walnut.