In a medium, coverable pot, melt butter on medium-high heat. Add the apples, cranberries and sauté for about 1- 2 minutes. Add sugar, cinnamon, and ¼ cup water and cover. Set heat to medium-low and let stew for about 15 minutes, stirring occasionally. Place fruit into heat resistant bowl and mash with a fork or a masher. If you desire a smoother texture, place in a food processor and purée for about 15 seconds. Place in refrigerator and let cool. Can be served at room temperature as well.