Wash pears. Cut a thin slice from the bottom of each pear so pears stand up. If desired, remove the core through the bottom of each pear using a melon baller.
In a large saucepan, combine cranberry juice, water, honey, and cinnamon. Bring to boiling, stirring to dissolve honey. Add pears. Return to boiling; reduce heat. Simmer, covered, about 10 minutes or just until pears are tender. Remove from heat and cool 30 minutes. Transfer pears and liquid to a large bowl, turning pears a few times so they each get coated with liquid. Cover and chill 2 to 24 hours.
Remove pears from liquid; cover and chill until ready to serve or, if desired, pears may stand at room temperature while syrup is being reduced. Strain liquid; discard stick cinnamon. Transfer liquid to a medium saucepan. Bring to boiling; simmer gently, uncovered, about 40 minutes or until reduced to 1/4 cup. Watch mixture closely at the end to prevent overcooking. Drizzle reduced liquid over pears to serve.