Chocolate Butter: Mix butter and 2 Tbsp. dry pudding mix until blended. Refrigerate until ready to use.
Roll out 1 loaf of dough into 14x8-inch rectangle on work surface sprinkled with 1 Tbsp. dry pudding mix; brush with 1 Tbsp. butter. Sprinkle with 4 Tbsp. dry pudding mix and 1/4 cup each cherries and nuts; roll up, starting at one long side. Place, seam-side down, on parchment-covered baking sheet. Repeat with remaining dough and toppings.
Cover with plastic wrap. Let rise in warm place 45 min. or until doubled in volume.
Heat oven to 350 degrees F. Discard plastic wrap from dough. Bake dough 20 to 25 min. or until golden brown. Cool on baking sheet 5 min.; remove to wire rack. Cool completely. Sprinkle with powdered sugar. Serve with Chocolate Butter.
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