Pour milk into a small bowl and stir in gelatin. Set aside.
In a sauce pan, stir together the heavy cream and sugar, and set over medium heat. Bring to a full boil. Pour the gelatin and milk over the heavy cream, stirring until completely dissolved. Cook for one minute, stirring constantly. Remove from heat, stir in vanilla and pour into individual ramekins.
Cool the ramekins, uncovered at room temperature. When cool, cover with film and refrigerate for at least 4-hours; but, preferably overnight.
To poach cherries - in a medium saucepan, combine the wine, sugar, vanilla bean, cinnamon stick, cloves and orange peel. Set over high heat and bring to a simmer, then add the cherries. Reduce heat and simmer until cherries are plump and tender about 7 minutes. Remove from heat and strain. Set the cherries aside and discard the cinnamon stick, cloves, vanilla pod and orange peel. Return the poaching liquid to the saucepan and set aside. Thicken with tapioca or cornstarch.
Crush 1/2 cup pistachios with a mortar and pestle and combine with 2 Tablespoons of rock salt.
To assemble: Remove film from Panna Cotta. Unmold onto individual plates. Top each one with poached cherries and small amount of sauce. Garnish with crushed pistachios and salt mixture, and basil buds.