Preheat oven to 350 degrees. Butter and lightly flour fluted 10-inch Bundt pan.
In food processor, puree beets and 1 cup sugar until smooth, about 30 seconds, scraping down sides of bowl.
In small bowl, cover cranberries with hot water. In medium mixing bowl, sift flour, baking powder, baking soda, salt, cinnamon and nutmeg.
In large mixing bowl using electric mixer on medium-high, beat remaining sugar, eggs, butter and oil 2–3 minutes until light and smooth. Blend in beet puree. Add orange zest and vanilla; mix until blended. Add half of flour mixture; beat on low until smooth. Add buttermilk; beat on low until smooth then add remaining flour mixture, beating until blended. Drain cranberries; fold into batter.
Turn batter into prepared pan, spreading evenly. Bake on center rack 45–50 minutes. When done, cake will pull away from sides of pan and toothpick, inserted into center, will come out clean.
Cool 15 minutes, then invert cake onto rack.
For orange-walnut glaze, in large mixing bowl, combine sugar and orange zest. Add orange juice; whisk until smooth. Whisk in butter. Add additional juice, if needed.
Spoon glaze over warm cake. Sprinkle with walnuts.