In a large bowl, cream together the softened butter and sugar on medium speed until light and fluffy.
Add the eggs, vanilla extract, orange extract, and orange zest, mixing well.
In a separate bowl, sift together the flour, baking powder, salt, and baking soda.
Gradually add the dry ingredients to the wet ingredients and mix until a soft dough forms.
Stir in the white chocolate chips and chopped dried cranberries.
Scoop 2 tablespoon-sized balls of dough onto a parchment paper-lined baking sheet, about 1" apart.
Bake in a preheated oven at 350°F for 12-14 minutes, or until the edges just start to turn golden.
Transfer the cookies to a cooling rack and let them cool completely.
In a medium bowl, beat the cream cheese, powdered sugar, orange extract, and milk until smooth and creamy.
Spread a dollop of frosting onto each cooled cookie.
Drizzle melted white chocolate over the top and sprinkle with chopped cranberries and orange zest.