GREASE two 9-inch-round baking pans.
ROLL 1 bread loaf into 16 x 10-inch rectangle on lightly floured surface.
SPREAD 1 tablespoon softened butter over dough. Combine sugar and cinnamon in small bowl; sprinkle 2 tablespoons over dough leaving 1/2-inch border around sides. Sprinkle with 3/4 cup morsels and 1/2 cup cranberries, firmly pressing morsels and cranberries into dough.
ROLL up dough tightly, starting at short end; seal edges with water. Cut into 6 slices; place cut side up in prepared baking pan. Repeat with remaining bread loaf, butter, sugar mixture, 3/4 cup morsels and cranberries; place in second prepared baking pan. Cover; let rise in warm place until dough almost fills pans, about 30 minutes.
PREHEAT oven to 350° F.
BAKE for 25 to 30 minutes or until golden brown. Cool for 15 minutes in pans on wire racks.
MELT remaining morsels in small, uncovered, microwave-safe bowl on MEDIUM-HIGH (70%) power for 30 seconds; STIR. Morsels may retain some of their original shape. If necessary, microwave at additional 10- to 15-second intervals, stirring just until morsels are melted. Stir in powdered sugar and milk to make a stiff glaze. Drizzle over cinnamon rolls.
TIP: For whole-wheat cinnamon rolls, substitute whole-wheat dough for the white bread dough.