Heat the oil in a large, deep skillet with a tight-fitting lid over medium heat. Add onion, bell pepper and garlic; cook for 3 to 5 minutes or until tender-crisp. Add turkey, cherries, broth, brown sugar and balsamic vinegar; blend well. Bring mixture to a slow boil then reduce heat, cover and simmer for 15 to 20 minutes. Carefully remove skillet lid and stir in basil; cook for 1 to 2 minutes. Meanwhile, in a cup, combine cornstarch and water; stir into sauce and cook just until thickened. Serve immediately.