1Heat oven to 325°F. Grease and flour 12-cup fluted tube cake pan, or spray with baking spray with flour.
2In large bowl, beat cake mix, pudding mix, water, softened butter, orange peel and eggs with electric mixer on low speed 30 seconds, scraping bowl constantly, then on medium speed 2 minutes, scraping bowl occasionally. Fold in cranberries. Spread in pan.
3Bake 57 to 65 minutes or until toothpick inserted in center comes out clean. Cool 15 minutes; remove from pan. Cool completely, about 1 hour. Sprinkle with powdered sugar.
4In 1-quart saucepan, cook sauce ingredients over medium heat about 4 minutes, stirring constantly, until thickened and bubbly. Serve warm or cool sauce with cake. Store cake loosely covered at room temperature and sauce covered in refrigerator.