Whisk together the wet ingredients in a mixing bowl: milk, vinegar, eggs, melted butter and extracts.
Next add the dry ingredients. Incorporate the spooned and leveled flour, sugar, cinnamon, baking powder and salt into the wet ingredients.
Stir in the mini chocolate chips. Preheat your oven to 425°F.
Grease your donut pan with cooking spray or melted butter. Fill the donut cavities halfway with batter.
Spoon little dollops of cherry preserves into each donut cavity and use a small spoon or butter knife to swirl the jam into the batter. Top off each donut cavity until it’s 3/4 of the way full. (Overfilling your donut mold will cause the batter to overflow while baking and there will not be a hole in the middle of your donut. I recommend baking just a few donuts in your first batch so you can test out your donut pan and find what ratio works best for you before baking a full batch.)
Bake donuts at 425°F for 10 to 14 minutes or until lightly golden and baked through. Use a toothpick to test for doneness. Let donuts cool in the pan for a few minutes before moving to a cooling rack or parchment-lined baking sheet.