In a large bowl, whisk milk and pudding mix for 2 minutes. Let stand for 2 minutes or until soft-set.
In a 2-qt. serving bowl, layer half of the cake cubes and pudding. Sprinkle with 1/2 cup toffee bits. Top with remaining cake and pudding. Spread whipped topping over the top; sprinkle with remaining toffee bits. Garnish with cherry. Yield: 8-10 servings.