1. Preheat the oven to 350°F. In a large bowl combine the oil and sugars. Whisk in the water. In a medium bowl sift together the flour, baking powder and soda, salt, and spices.

2. Add the dry ingredients to the sugar/oil mixture and mix well. Add the carrots, nuts, and cranberries and mix well. Pour the batter into 2 lightly oiled and floured loaf pans. Bake for 35-45 minutes, or until a toothpick comes out clean. Cool before frosting.

3. With an electric mixer on medium speed, beat the cream cheese and sugar until smooth. Add the orange juice and mix briefly, then switch to high speed for 2-3 minutes. Spread the frosting evenly on the cake. Garnish with chopped walnuts if desired. This cake is best served at room temperature; refrigeration tends to dry it out.