@gentle lemur According to wikipedia, members of the regiment took shelter in a cherry orchard during the Peninsular War, thus spawning the name. Who knows if this is apocryphal or not.
@FunkyGibbon perhaps that explains the cherrypickers and then Lord Cadigan's choice of uniform converted the nickname to the alternative cherrybums. But that would mean that his Lordship was very, very foolish to choose that colour - in view of his extreme sensitivity to perceived insults, that seems unlikely, but his men's opinion of his IQ was very, very low.