Using electric mixer, in large bowl, beat butter and sugar til light and creamy; beat in eggs, orange peel and vanilla. Mix flour and cinnamon; beat into butter mixture alternately with milk til blended. Fold in cranberries.
Spoon into greased and floured 9 x 5 inch loaf pan or four 6 x 3 1/4 inch foil loaf pans. Bake at 350 for 55 to 65 minutes for large loaf, or 45 to 55 minutes for smaller loaves or til wooden pick inserted into center comes out clean. Cool in pan on wire rack 15 minutes. Remove from pan. cool completely on wire rack.