Heat oven to 375°F. Lightly spray cookie sheet with cooking spray. In small bowl, mix cranberries and preserves.
If using crescent rolls: Unroll dough into 2 rectangles. Press each to form 8x6-inch rectangle, pressing perforations to seal. If using dough sheet: Unroll dough; cut into 2 rectangles. Press each to form 8x6-inch rectangle.
Spread cranberry mixture over 1 rectangle to edges. Place second rectangle on top; press lightly. With sharp knife or pizza cutter, cut lengthwise into six 8-inch-long strips. Twist each strip 3 times, and shape into ring on cookie sheet; pinch ends to seal.
Bake 9 to 12 minutes or until golden brown. Cool on cookie sheet 2 minutes. Meanwhile, in small microwavable bowl, microwave baking bar and oil uncovered on High 30 seconds; stir until melted and smooth. If necessary, microwave 10 to 20 seconds longer. Drizzle over warm wreaths. Serve warm.