1. Grease a bundt pan with butter and set aside.
2. In a large bowl, mix together milk, water, melted butter, sugar, and yeast. Set aside.
3. In a separate bowl, whisk together the flour and salt.
4. Gradually add the dry ingredients to the yeast mixture, stirring until an elastic type dough forms (It may be a bit sticky). Once the dough has formed, turn it out onto a lightly floured surface and knead with your hands, incorporating any loose scraps of dough. Knead until the dough is smooth and supple, then shape into a ball.
5. Pour a little oil into a large bowl, then add the dough, making sure to coat the dough with oil on both sides. Cover the bowl with plastic wrap or with a damp towel, then place in a warm spot to let the dough rise until it has doubled in size, about 1 hour.
6. While your dough is rising, make the sugar coating. In a medium-sized bowl, mix together the brown sugar, orange zest, and spices until well combined. Set aside.
7. Once the dough has risen, punch it down and turn out onto a lightly floured surface and knead for about a minute. Roll out into a large rectangle, about 1/4 - 1/2 inch thick. Use a sharp knife to slice the dough into approximately 64 pieces.
8. Roll each piece of dough into a ball. Working one at a time, dip each ball into the melted butter, then toss in the sugar coating. Layer in the prepared bundt pan, sprinkling in pecans and cranberries as you go, if so desired.
9. Cover bundt pan with a damp towel or plastic wrap and leave in a warm spot to let the dough rise until doubled in size, 50 - 70 minutes.
10. Heat oven to 350F (175C). When the dough has risen, bake in the oven until the top is a deep golden brown, 30 - 45 minutes. Cool in pan for 5 - 10 minutes, then turn out onto a platter and allow to cool slightly, about 10 minutes.
11. To make the glaze, cream the cream cheese and icing sugar together until smooth. Mix in the orange juice and cinnamon until smooth and creamy.
12. Drizzle glaze over the warm monkey bread, letting it run over the top and sides of the bread. Serve warm.