In a large bowl, cream shortening and sugar until light and fluffy. Add eggs, one at a time, beating well after each addition. Beat in molasses. Combine the flour, baking soda, ginger and cinnamon; gradually add to creamed mixture alternately with buttermilk, beating well after each addition. Stir in walnuts.
Fill paper-lined muffin cups two-thirds full; place a cherry in the center of each. Bake at 375° for 20-24 minutes or until a toothpick inserted near the center comes out clean. Cool for 10 minutes before removing from pans to wire racks to cool completely.
For frosting, in a small bowl, beat cream cheese and butter until fluffy; add vanilla and lemon peel. Gradually beat in confectioners' sugar until smooth. Frost cupcakes. Yield: 2 dozen.