Combine the bourbon, sugar, orange juice and orange peel in a small saucepan. Place over medium-high heat and bring to a simmer, whisking constantly until the sugar dissolves, about 5 minutes. Remove the pan from the heat and whisk in the vanilla extract. Combine the bourbon mixture and the cherries in a 15-ounce sterilized container and seal. Allow the contents to cool to room temperature before transferring to the refrigerator. Chill for at least three days before using. The cherries will keep for up to 1 month.