In a small saucepan over medium-high heat, add the cranberries, water, honey, and brown sugar into a small saucepan over medium heat.
When the liquids start to boil, use a hand held masher to start crushing the cranberries so the juice is released.
Reduce the heat to medium-low and continue to mix the ingredients together for another 1-2 minutes.
Remove the saucepan from the heat and place the mixture in a medium size bowl to allow the content to cool, about 7-10 minutes.
Next, add the room temperature butter to the bowl of cooled mixture. Using a handheld mixer on low speed, combine the ingredients until well combined.
Using a spatula, remove the cranberry butter and place it onto a large piece of parchment paper. Divide the mixture in half and put it on plate and set aside.
For the remaining half of the butter that is on the paper, starting from one edge of the parchment paper, carefully roll the mixture, tucking the paper under the mixture as best you can and form into a log shape.
Using both hands, twist the ends on the parchment paper on both sides so it looks like a large tootsie roll. Place it in the refrigerator for a couple of hours to set.
Using the cranberry compound butter that you set aside earlier, apply it to the entire outside layer of the ham using either your hands or a bastings brush. Sprinkle brown sugar on top of the butter mixture.