For Pudding: Combine cooked rice, milk, sugar, salt and butter in 3-quart saucepan. Cook over medium heat, stirring occasionally, until thick and creamy, about 20 to 25 minutes. Stir in vanilla. Chill.
For Topping: Combine cocoa and whipped topping.
To serve: Place 3 small scoops of rice pudding in a banana split dish. Place banana half on each side. Garnish with cocoa topping, walnuts, and cherries.