Spray insides of 2 large microwave-safe mugs with cooking spray. Stir together half of Reddi-Wip, sweetened condensed milk, evaporated milk, and cinnamon in small bowl; set aside.
Whisk together remaining Reddi-Wip, Egg Beaters, and cake mix in medium bowl. Place half of batter in each mug.
Microwave each mug individually on high 1 minute to 1 minute 15 seconds or until set. Remove from microwave. Poke holes in cakes with fork; pour half of the milk mixture over cakes. Let stand 1 minute. Invert each cake onto a plate; pour remaining milk mixture over cakes. Top each with a cherry.