Grease a 9-inch cast iron skillet generously with the butter. Sprinkle 2 tablespoons of sugar over the butter. Scatter the cherries evenly in the pan.
In a blender, combine the remaining ¾ cup sugar, milk, eggs, cornstarch, extracts, and salt. Blend until smooth. Pour over the cherries and bake for 40 minutes or until puffed and golden. Dust with powdered sugar and serve immediately.