For the single serving: In a highball glass, stir together all ingredients (in ounces), except for the grenadine. Fill the glass with ice and top with the grenadine. Garnish with the orange slice and cherry.
For party size (8 servings): Place all ingredients (in cups) in a punch bowl or pitcher, and add a few handfuls of ice. Add orange slices or wheels as a garnish.
Notes
*To convert to tablespoons, 1 ounce = 2 tablespoons