Preheat the oven to 375°F/190°C/Gas 5. Line a muffin pan with 12 paper liners and set it aside.
Place the butter and coconut into a saucepan over medium heat, and cook, frequently stirring, until the coconut is golden brown. Set aside to cool.
Sift or whisk the flour, sugar, baking powder, and salt together in a medium bowl to combine. Set to the side.
In a large bowl, beat the egg and milk together, then stir in the pineapple, half of the toasted coconut, chopped cherries, and rum. Add the wet mixture to the dry flour mixture and stir to just combine. Do not overmix.
Use an ice cream scoop to divide the muffin batter between the liners, filling each one about two-thirds full. Sprinkle the remaining toasted coconut on top of the muffins.
Place the muffin pan in the preheated oven for 20-25 minutes or until a toothpick inserted into the center of the muffins comes out mostly clean. Leave the muffins to cool in the pan for 5 minutes before transferring them to a wire cooling rack to cool completely before serving. For an added extra, place a cherry on top of each muffin. Enjoy!