Combine the cranberries, sugar, and water or orange juice in a saucepan over medium heat. Stir occasionally until the sugar dissolves and bubbles appear, about 5 minutes.

Reduce the heat slightly and cook at a steady bubble for 8 to 10 minutes, stirring now and then, until the sauce thickens and coats a spoon.

Pour into a serving bowl, cool to room temperature, then refrigerate for at least 2 hours before serving. Serve chilled or at room temperature.