Combine all the ingredients in a medium saucepan and stir well. Bring to a boil, then reduce heat to a gentle simmer.
Simmer for 5-10 minutes, stirring occasionally, until the cranberries pop and the sauce thickens.
Remove from heat, stir a few more times, then transfer to a serving bowl.
Note: To make ahead, cool to room temperature before storing in an airtight container in the refrigerator.