In a saucepan, heat first 4 ingredients over medium heat. Once it comes to a boil, reduce heat, and simmer, gently squishing cranberries, until it reaches a jam-like consistency, approximately 10 minutes.
Serve waffles open faced, topped with cranberry orange sauce. Refrigerate any leftover sauce. Top with Sweet Dip Mix, icing sugar, or maple syrup, if desired.