Preheat oven to 350 degrees F. Liberally - and I mean liberally! - grease a Bundt pan with cooking spray, preferably the kind with flour in it. Set aside.
In the bowl of a stand mixer, cream the butter and sugar together on medium speed for 5 minutes or until very pale in color and fluffy. Add in the eggs, one at a time, beating well after each addition. Add in the vanilla, flour, baking powder, salt and nutmeg and beat to combine. Lastly, add in the sour cream, orange zest and fresh orange juice; beat to combine. Fold in the cranberries.
Spread the mixture into the prepared Bundt pan and bake for approx. 60-70 minutes or until a toothpick inserted near the center comes out clean or with moist, not wet, crumbs. Cool in the pan for about 20 minutes before gently inverting to a wire rack to cool completely.
Once the cake has cooled, make your glaze. In a medium bowl, whip together the cream cheese, orange juice, vanilla and powdered sugar with an electric mixer until smooth, about 1 minute. Drizzle the glaze over the top of the cake.