1. Preheat oven to 350 degrees F. Coat 2 (8-inch) round baking pans with cooking spray.
2. Stir reserved cherry juice into chocolate cake batter. Pour into prepared cake pans.
3. Bake 30 to 35 minutes, or until toothpick inserted in center comes out clean. Let cool 10 minutes, then remove to wire rack to cool completely. When cool, slice cakes horizontally in half, making 4 layers.
4. In a large bowl, beat cream cheese and sugar until smooth. Stir in whipped topping, red and green cherries, and pecans.
5. Place 1 cake layer on platter and evenly spread one-quarter of cream cheese mixture on top. Repeat with remaining cake layers and finish with cream cheese mixture on top. Sprinkle with reserved pecans.
6. In a small microwaveable bowl, melt chocolate chips in microwave 1 minute, stirring until smooth; add 10 seconds, if necessary. Drizzle melted chocolate on cake and refrigerate until ready to serve.