Prepare cranberries:Bring first 3 ingredients to a simmer in a saucepan, and cook, stirring occasionally, 6 minutes or until sugar dissolves and orange juice is reduced by half.

Remove from heat, and cool 15 minutes. Cover and chill until ready to use, or refrigerate in an airtight container up to 4 days.

Prepare whipped layer:In a large bowl, beat cream cheese, mascarpone and sugar on high speed until light and fluffy. Reduce speed to medium and slowly pour in whipping cream. Continue beating until mixture resembles soft whipped cream.

Cut red velvet cake into 1-inch cubes. Layer one-third cake cubes in a 2.5-qt. trifle dish. Top with one-third each orange marscarpone cream, cranberry mixture, and whipped cream. Repeat layers twice. Serve immediately, or cover and chill up to 24 hours.