In a large bowl, combine milk and pudding mix, whisking for 2 minutes, or until thickened.

In a separate bowl, combine cream cheese and 1 container whipped topping, beating at medium speed with an electric mixer until smooth. Combine pudding mixture and cream-cheese mixture, beating until smooth.

In the bottom of a trifle bowl, layer half of cookies, standing some upright around base of bowl. Follow with one-third of pudding mixture, half of banana slices, and cherry pie filling. Repeat layers with remaining wafers, pudding mixture, and bananas. Top with fudge sauce and remaining 1 container whipped topping. Sprinkle with peanuts.

Garnish with cherries, if desired. Store, covered tightly, in refrigerator.