In a mixing bowl, combine flour, sugar, mayonnaise, cranberry sauce, orange juice and peel, baking soda, salt and extract; mix well. Fold in walnuts if using.
Cut waxed or parchment paper to fit the bottom of a 10" tube pan. Spray the pan and paper with nonstick cooking spray. Pour batter into paper lined pan. Bake at 350 degrees for 60-70 minutes or until wooden pick comes out clean. Cool 10 minutes in pan before removing to a wire rack.
Combine icing ingredients; drizzle over the warm cake.