Bring the orange juice, water, sugar, orange strips, and cinnamon stick to a simmer over medium-high heat. Once the sugar has dissolved, add the cranberries, lower heat to a simmer and cook until the cranberries most burst, some whole ones are fine - about 10 - 15 minutes. Turn off the heat and allow to sit for 15 - 20 minutes, then remove the strips of orange and cinnamon stick. Stir in the freshly grated orange zest. Transfer to a covered bowl and place in the refrigerator for at least a few hours, overnight is best.
This sauce is really best when left to sit in the refrigerator overnight.