Place the cranberries, water, and sugar in a small pot and cook over medium heat until the berries have burst and the sauce is thickened (about 15 minutes). Cool completely and set aside.
Lightly mist an 8-inch diameter cake pan with non-stick spray. Stir the yeast into the warm milk and set aside to proof.
Place the flour, sugar, and salt in a large mixing bowl, and whisk to combine. Set aside.
When the yeast has dissolved, add in the oil, vanilla, and egg, whisking with a fork to combine.
Pour the mixture into the dry ingredients and stir until well combined.
Pour the bread batter into the prepared pan, and allow to rest for 15 minutes.
In a small bowl, combine the butter, sugar, and cinnamon. (Mixture will be crumbly.) Sprinkle an even layer over the top of the bread dough.
Spoon the cranberry compote on top, and swirl into the dough.
Press the extra cranberries in, and place in a cold oven.
Set the oven to 350 degrees F and bake until the surface is lightly golden, the cake is pulling away from the sides of the pan, and the center is set (about 45 minutes).
Cool completely and drizzle with melted white chocolate.