Dried Cherry and Cranberry Sauce

1 ½ cups cranberry juice cocktail

1 cup water

1 cup light brown sugar

1 cinnamon stick, broken in half

¼ teaspoon ground allspice

6 ounces dried cherries

1 (12 ounce) package fresh cranberries

Stir the cranberry juice cocktail, water, brown sugar, cinnamon stick, and allspice together in a saucepan; bring to a boil. Add the cherries to the cranberry juice mixture; cook another 2 minutes. Add the cranberries; continue cooking, stirring occasionally, until the cranberries pop, about 10 minutes. Remove from heat and chill in refrigerator 8 hours to overnight. Remove and discard cinnamon stick before serving.