Using a vegetable peeler, remove the skin from the outside of the orange. Try to get as little of the white part (the pith) as possible.
Place cranberries, sugar, water, orange juice, and orange peels into a small pot over medium heat.
Bring to a boil, reduce to a simmer, and cook for 10 minutes. Remove from heat.
Allow the mixture to cool for 10 minutes. Place a fine mesh sieve over a bowl and strain the mixture through the sieve.
Discard the cranberries or remove the peels and use the remaining mixture as compote for charcuterie.
Chill syrup completely before using. Store in the refrigerator for up to 2 weeks.