Preheat oven to 350 degrees F. Grease and flour a 10-inch tube pan; set aside. In bowl stir together flour, oats, baking powder, soda, and salt.
In large mixing bowl beat butter with electric mixer on medium speed for 30 seconds. Add the 1 cup sugar; beat until well combined. Add eggs; beat until well combined. Alternately add flour mixture and milk, beating on low speed after each addition until combined.
Toss cranberries with 2 tablespoons sugar; fold into batter with orange peel. Spoon batter into prepared pan; spread evenly.
Bake 50 to 60 minutes or until wooden pick inserted near center comes out clean. Cool in pan 10 minutes. Remove from pan. Cool on rack. Prepare Orange Glaze; spoon over cooled cake. Let stand until glaze is set. Makes 12 servings.
In a small bowl, stir together powdered sugar and finely shredded orange peel. Stir in enough orange juice to make a glaze of drizzling consistency.