Cream softened butter with an electric mixer until the butter is soft and fluffy. Add the cranberry sauce, confectioners sugar if desired and honey. Add the orange marmalade and extract and stir thoroughly.by hand. Continue mixing until light, fluffy, and well-combined.
Store the butter in a covered container for up to 3 weeks. I prefer using small mason jars. You can tie a ribbon around the jar and give it as a gift.