Heat oven to 350°F. Spray 7-inch tube pan with cooking spray; lightly flour. Place pan on cookie sheet.
In large bowl, stir bread mix, water, dried cranberries, oil, grated orange peel and eggs until blended. Pour batter into pan.
Bake 40 to 50 minutes or until toothpick inserted in center comes out clean. Cool 15 minutes; remove from pan to cooling rack. Cool completely, about 1 hour.
In small bowl, mix mascarpone cheese, powdered sugar and milk until smooth. Pour over cake. Garnish with orange peel twists.