Preheat the oven to 350°F (175°C) and line or grease muffin pans.
Cream butter, cream cheese, and sugar until fluffy.
Beat in eggs one by one, then add extracts.
Combine flour, baking powder, and salt separately.
Mix dry and wet ingredients until just combined.
Fold in cranberries and orange zest.
Fill tins ¾ full, bake 20–25 minutes.
Cool completely before drizzling icing made from powdered sugar and milk.
