Combine all of the ingredients, except for the fresh cranberries, in a non-reactive 3 quart saucepan. Stir to dissolve the sugar.
Bring the liquid to a boil. Reduce the heat to a simmer until volume is reduced by half.
Add the fresh cranberries and the dried cherries. Continue to simmer until the berries change color and burst.
Remove the cranbery sauce from heat. Stir gently with a whisk to break up the berries.
Remove the cinnamon stick and the vanilla bean.
Let stand at room temperature until cool. Cover and refrigerate for 24 hours to allow the flavors to blend.
How to make Cranberry Sauce in your Slow Cooker
Add all of the ingredients, except for the fresh cranberries, to your slow cooker. Cook for 2 hours on high heat. If you are in a hurry, you can also do this first step on the stovetop in about 20 minutes and then transfer everything to the slow cooker.
Once the sauce has been reduced, add the fresh cranberries. (You can use fresh or frozen cranberries.) Note: Making this sauce in the slow cooker may yield a sauce that is a little thinner than the stovetop version.
Turn off the heat and remove the vanilla bean and the cinnamon stick. Let the sauce come to room temperature. Store your homemade cranberry sauce in the fridge overnight before serving.