A girl/woman's virginity (i.e. her cherry
), especially when removing it. Name stems from the possible breaking of the hymen while doing this, and the blood that may be a result of it (i.e. the wine).
To sip the cherry wine thus means to take a girl/woman's virginity or to engage in sexual acts with her that might lead up to it, although one does not need to literally take the blood into one's mouth to do so.
Ex. 1: "I tasted Nessa's cherry wine this morning. I think she might be ready to go all the way soon."
Ex. 2: "I finally drank of Nessa's cherry wine last night. She is now no longer a virgin."