Melt butter in a skillet, add onions and salt, and sauté until tender. Add rice and cook, stirring for 1 minute.
Stir in water, heavy cream, apricots and cherries, and nutmeg. Bring to a boil. Cover and reduce heat to very low, and simmer 20 minutes or until rice is tender and liquid absorbed.
Fluff with a fork and serve garnished with pistachios.