In a large skillet, heat oil over medium heat. Fry tortilla wedges, a few at a time, for 1-2 minutes on each side or until crisp. Drain on paper towels. Combine the sugar and cinnamon; set aside 1 tablespoon. Sprinkle both sides of tortillas with remaining cinnamon-sugar.
In a shallow bowl, combine the cornflake crumbs and reserved cinnamon-sugar. Roll ice cream in crumb mixture to coat. Freeze until serving.
Drizzle serving plates with chocolate syrup if desired. Place six tortilla wedges on each plate; top each with a scoop of ice cream. Pipe whipped cream around base and on top of ice cream. Garnish each with a cherry.