Heat the oven to 350°F. Butter and flour a 10-inch Bundt pan thoroughly, working into every groove. Tap out any excess flour.

Beat the butter, cream cheese, and sugar in a large bowl until light and fluffy. Add the eggs one at a time, mixing well after each addition. Stir in the vanilla, orange juice, and most of the orange zest.

Whisk the flour, baking powder, baking soda, and salt in a separate bowl. Add the dry mixture to the creamy batter a little at a time, mixing just until combined.

Spoon half of the batter into the prepared pan and smooth the top. Spread the cranberry sauce over the batter, keeping it away from the pan edges and center tube. Top with the remaining batter and smooth it gently.

Bake for 55 to 60 minutes, or until a toothpick inserted in the center comes out clean. Let it cool in the pan for 20 minutes, then turn it out onto a serving plate and allow it to cool completely.

Whisk the powdered sugar, orange juice, and reserved orange zest until smooth. Drizzle the glaze over the cooled cake and serve.