Place the water, orange juice, cranberries, sugar and orange zest in a saucepan and bring to a simmer over medium high heat. Reduce the heat and maintain a simmer until the cranberries have burst, and the mixture has thickened, about 8 minutes. Transfer to a food processor and pulse until it is chopped but not pureed.
Transfer to a container, cover, and chill for at least 8 hours, and up to 5 days. Serve chilled or at room temperature.