There are actually two completely different accepted uses of 'cherrypicking'.
1. Looking through rolls or inventory for coins that would be of a valuable grade if slabbed/reslabbed. For instance, "I just cherried a 1963D cent out of a BU roll that should grade MS66!" This part of the term also includes looking through mixed date stuff for key date coins...like searching through wheat bags looking for the elusive 1914D.
2. Looking through rolls or inventory for valuable errors or varieties, as stated above.
I actually prefer term #2, but term #1 is very commonly used among non-variety collectors and is accepted as an accurate term by most collectors. The good part is this: People who don't know a variety from a hole in the ground would consider a pile cherrypicked when they finish with it, but I can still cherrypick it again. I just won't find very high grade stuff or key date stuff. I will find the varieties though!