Slice each doughnut in half lengthwise. Place a large skillet over medium heat, and melt some butter in the skillet. Working in batches, place the sliced doughnuts, cut side down, in the skillet and cook until they're toasted and golden. Let the toasted doughnuts cool to room temperature.
Cut the bananas and strawberries into thin slices. Place the sliced doughnuts in your banana split dishes or bowls. Line the insides of the doughnut with the cut fruit. Top with scoops of ice cream, a drizzle of Hershey's Simply 5 Syrup, whipped cream, sprinkles, and cherries. Enjoy immediately!