1Preheat oven to 350 degrees. Spray with Pam one 9x5 inch loaf pan or 3 mini loaf pans. Set aside.
2Cream butter, sugar and egg until smooth. Stir in orange juice, orange zest and vanilla.
3In another bowl, combine flour, baking powder, baking soda and salt. Add butter-egg mixture; stir just to blend. Add cranberries and walnuts and mix until well combined.
4Transfer mixture to prepared pan. Bake the 9x5 loaf pan for 40-50 minutes and the mini-loaf pans for 20-30 minutes. Bread is done when nicely browned and a wooden toothpick inserted in the center comes out clean. Cool on rack for 10 minutes; remove from pan and cool completely. Wrap and store overnight. Glaze if desired and garnish with a few dried cranberries and chopped walnuts.
5To make glaze:
Place powdered sugar in a small deep bowl or 2-cup glass measure. Stir in orange juice and milk; whisk until smooth. If needed, add additional milk, to make it of the right consistency for drizzling.