Preheat oven to 350 degrees.
Grease loaf pans or muffin tins.
Place the cranberries in a microwave safe bowl and add the rum.
Top them with enough water to just cover and then microwave on high for 2 minutes or until boiling.
Cool cranberries slightly and drain the moisture from the cranberries and set aside.
Beat the sugar, oil, and eggs in a large mixing bowl until smooth.
Add the water, pumpkin, vanilla, and spices and mix well.
Sift the dry ingredients together.
Add dry ingredients to the pumpkin mixture a little at a time until combined but not over mixed.
Fold in the cranberries and nuts.
Bake approx 50 minutes for large loaves or approximately 20-25 minutes for muffins until a toothpick inserted in center comes out clean.
Dust tops of cooled bread with powdered sugar if desired.