Drain cherries, reserving liquid in a 1-cup measuring cup. Add enough water to measure β cup; set aside
In a small saucepan, combine sugar and cornstarch; stir in reserved cherry juice mixture until smooth. Bring to boil; cook and stir for 2 minutes or until thickened. Remove from the heat; stir in cherries and lemon juice. Cool.
Place the ricotta, cream cheese and sugar in a food processor; cover and process until smooth. Add the syrup, lemon juice and vanilla; process until combined. Gently fold in whipped topping and chocolate chips.
Place one tablespoon crushed wafers in each of eight parfait glasses. Top with β cup cheese mixture and a heaping tablespoonful of cherry sauce. Repeat layers. Refrigerate for at least 2 hours before serving.