Use a citrus zester to peel strips of zest from the oranges and lemons, avoiding the bitter pith, and set aside.
Pour the orange liqueur, cranberry juice, and bourbon (if using) into a large pitcher, then stir to combine.
Add the citrus zest strips, a cinnamon stick, and whole cloves to the mixture. Stir gently and let sit at room temperature for 30 minutes to allow the flavors to meld and infuse.
Slice the oranges and lemons into thin rounds and add them to the pitcher, stirring gently to distribute evenly.
Taste the mixture and add honey or simple syrup gradually, stirring until dissolved and the desired sweetness is reached.
Fill glasses with ice, then pour the infused cocktail over, stirring gently to chill evenly.
Garnish each glass with a twist of citrus peel or a cinnamon stick for a festive touch.
Serve immediately and enjoy the bright, spicy aroma and vibrant color of this holiday punch.