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Note: There are a couple of chill times requires so this takes some advance prep. If desired you can make the rice pudding a day before assembling the arancine.
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For the rice:
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1. In a 3-quart saucepan combine the milk, rice, sugar, dried cherries and salt. Bring to a simmer, stirring a couple of times, over heat that is between medium and medium high. Once it comes to a simmer, turn the heat down to low and cook with the lid on for 20 minutes.
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2. Remove the pan from the heat and stir in the vanilla and almond extracts.
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3. Pour the rice into a bowl, cover with plastic wrap and cool completely in the refrigerator. It doesn't have to be super cold but cool enough to handle.
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4. Once the rice is cooled, form the rice into a golf ball-sized ball. I used a slightly heaped 1 1/2 ounce scoop (keep a bowl of water nearby and wet your hands to keep the rice from sticking to them). Flatten the ball out in the palm of your hand to make a disk, now cup your hand so that the rice makes a cup, put a teaspoon of cherry preserves in the center and close the rice around the preserves. Roll the rice in your palms to make a perfect ball. Place on a sheet pan and repeat to make 15 or 16 rice balls. Cover pan with plastic wrap and refrigerate the rice balls for at least an hour. There may be a little weeping from the preserves, just dry the bottoms of the rice balls with a clean paper towel before coating them.
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For the arancine:
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1. In a food processor pulse the almonds until they're the consistency of breadcrumbs.
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2. In a shallow dish combine the processed almonds, breadcrumbs and sugar.
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3. In another shallow dish whisk together the eggs and water.
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4. In yet another shallow dish combine the flour and salt.
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5. The frying oil will need to be a depth of 2 inches, so choose a pan/pot where the oil will come less than half way up the sides. I like a Dutch oven. Clip a candy/frying thermometer onto the side of the pan so that it dips into the oil. Heat the oil over heat between medium and medium high.
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6. While the oil is heating coat the rice balls. Start by coating a ball of rice with flour, being sure to shake off the excess, then coat in the egg wash, and finally in the breadcrumbs. Place the coated balls on a clean sheet pan or platter. Repeat until all they're all coated. Now you have arancine.
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7. I like to heat the oil to between 365 and 370 F because I don't want the oil temperature to drop below 350 F. Add a few of the arancine into the hot oil (a kitchen spider works well for this) being sure not to over crowd the pan. Cook for about 1 1/2 minutes, turning over the arancine a couple of times to achieve even cooking. When the arancine are a deep golden brown on all sides use the kitchen spider and remove them from the oil to a dish that has a layer of paper towel. Repeat the process and finish frying all of the arancine.
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Arancine can be eaten hot or at room temperature, but are really best served the same day that they are cooked.
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Serve plain or with chocolate dipping sauce.
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For the chocolate dipping sauce:
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1. Combine the heavy cream and instant espresso powder in a medium saucepan. Heat the cream over medium heat but make sure that it does not come to a boil.
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2. Meanwhile, break the chocolate into small pieces into a heat proof, medium bowl, and add the corn syrup as well.
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3. When the cream is hot, add it into the bowl with the chocolate and whisk until smooth.
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Serve as a dipping sauce or over ice cream. Leftovers can be refrigerated, but will need to be reheated. A touch of cream may be needed to thin it out.
