Step 1In a medium saucepan, combine the Port and sugar. Tie the cloves, cinnamon stick, allspice and black peppercorns in a small piece of cheesecloth. Add the spice bundle to the saucepan. Add the orange peel. Bring the mixture to a simmer over medium-high heat. Reduce the heat and simmer gently until the wine is reduced to 1 cup, about 4 minutes.
Step 2Add the cranberries to the wine. Return to a simmer over medium-high heat then lower the heat and simmer until the cranberries pop, about 10 minutes. Remove from the heat and pour into a bowl. Let cool to warm then remove the spice bundle and orange peel. Cover and refrigerate until ready to serve.