Preheat oven to 350F. Arrange bread slices on a baking sheet, and bake 8 to 10 minutes until toasted and cool. In a large skillet, heat butter and oil over medium heat. Add red peppers and shallots; cook 15 minutes, stirring occasionally. Add vinegar, brown sugar, cherries, basil, salt and pepper and simmer an additional 10 minutes. Top each toast with 1-tablespoon red pepper chutney and a slice of Gorgonzola.