Pre-heat the oven to 350°F.
Grease a 12 muffin pan very well, including the top of the pan in case the batter blooms over the edges.
In a medium bowl, sift together the flour and baking powder.
In a large bowl, whisk together the sugar, oil, eggs and two extracts; stir in the milk.
To the large bowl containing the sugar, oil, eggs, extracts and milk, add the dry ingredients, all at once, and stir only until the flour is incorporated; do not over-mix or your muffins risk becoming too dense; some small lumps in the batter are perfectly fine.
Fill the muffin pans half full with batter.
Lay 2 cherries on top of the batter and spoon the remaining batter over the cherries.
Top with the graham crumb streusel.