In 2-qt. sauce pan, bring water and sugar to boil, stirring until sugar dissolves. Pour in cranberries, lower heat and simmer until cranberries pop (5-10 minutes). Remove from heat. In another 2-qt saucepan, combine plums, vinegar, honey and red pepper. Bring to a low boil. Reduce heat, cover and simmer until plums start to break apart, stirring occasionally (5-10 minutes). Drain cranberries while retaining 1/2 cup of liquid. Stir in liquid and cranberries into plum mixture. Add grated orange peel. Pour into blender and pulse a few times until it reaches a chunky consistency. Pour into 1/2-pint jars and seal.