Preheat the oven to 450°F.
Heat the oil and butter in a medium cast iron skillet. When the foam subsides, sauté the cherries for a minute or two, just while you whisk together the eggs, flour, and milk; don’t worry about getting all the lumps out. Pour the batter evenly over the cherries in the skillet and slide it into the oven. (Alternatively, scatter the cherries over the bottom of a pie plate and pour the batter overtop; I might increase the quantity of batter to 3 eggs, 3/4 cup milk and 3/4 cup flour.)
Bake for 15 minutes, or until the pancake is puffed and golden. Cut it into wedges and serve warm, sprinkled with icing sugar and drizzled with maple syrup, or topped with a dollop of whipped cream.