Combine all ingredients in a medium saucepan. Bring to a boil over medium-high heat, then reduce to a simmer. Cook, stirring occasionally, until berries start to pop. Press berries against side of pan with a wooden spoon and continue to cook, stirring occasionally, until berries are completely broken down and achieve a jam-like consistency, about 10 minutes total. Remove from heat and allow to cool about 30 minutes. Stir in water in 1-tablespoon increments to adjust to desired consistency. Cranberry sauce can be served immediately or stored in the refrigerator for several months.