PREHEAT oven to 350° F.
MELT butter in 8-inch-round baking pan in oven; remove from oven. Carefully swirl pan to coat sides of pan. Stir in Streusel Mix and 1 tablespoon of reserved pineapple juice. Cut pineapple rings in half and arrange slices in circular pattern around edge of pan. Place 4 cherry halves, cut side down in center and the remaining halves in the center of each half ring.
PLACE Carnation® Evaporated Milk, egg, oil and 1 tablespoon of reserved pineapple juice in large bowl. Stir until well blended. Add Cake Mix and stir for 45 strokes. Do not over mix. Pour over pineapples and cherries.
BAKE for 35 to 40 minutes or until wooden pick inserted in center comes out clean. Cool on wire rack for 5 minutes.
TO UNMOLD, run a small knife around top of cake to loosen. Place serving platter over pan; invert. If any of the pineapple slices or cherries stick to pan, place back on cake. Serve warm or at room temperature.