COMBINE water, yeast in large mixer bowl. Let stand for 5 minutes or until mixture looks creamy. Add evaporated milk, honey, 1 tablespoon butter and salt. With mixer on medium speed, gradually add 2 cups flour, a half cup at a time, scraping bowl often. Using wooden spoon, stir in morsels and cranberries. Stir in up to 1 cup of the remaining flour. Dough should stick to the spoon and clean itself from side of bowl.
TURN dough out onto slightly floured surface. Knead in additional flour to make a slightly stiff dough that is smooth and elastic (6 to 8 minutes). Place in greased bowl; turn to grease surface. Cover; let rise in warm place for about 1 hour or until double in size.
PUNCH dough down. Divide dough into 8 pieces. Flatten each piece into 6 x 4-inch rectangle. Place one square chocolate in center and roll up. Fold ends under. Place on greased baking sheet(s). Cover; let rise in warm place for 15 minutes or until double in size.
PREHEAT oven to 375° F. Brush rolls with remaining butter.
BAKE for 18 to 22 minutes or until golden brown and sound hollow when tapped on bottom. Remove to wire rack to cool completely.