Dissolve yeast and sugar in warm water in a small bowl; let stand 5 minutes. Lightly spoon flour into dry measuring cups; level with a knife. Combine yeast mixture, flour, oil, and salt in a large bowl; stir until a soft dough forms.
Turn dough out onto a lightly floured surface and knead until smooth and elastic. Place dough in a large bowl coated with cooking spray, turning to coat top. Cover and let rise in a warm place (85°), free from drafts, 45 minutes or until dough has doubled in size. (Press two fingers into dough. If indentation remains, the dough has risen enough.)
Punch dough down; roll into a 12 x 10- inch rectangle on a lightly floured surface. Brush with butter. Combine sugar and cinnamon; sprinkle evenly over dough. Top with dried cranberries and finely chopped pecans.
Beginning with a long side, roll up jelly roll fashion; pinch seam to seal (do not seal ends of roll). Place a long string or dental floss under roll; slowly pull ends to cut through dough. Arrange 12 slices, cut sides down, in a 9-inch square baking pan coated with cooking spray. Cover and let rise 25 minutes or until doubled in size.
Preheat oven to 375°.
Bake at 375° for 29 minutes or until golden brown. Cool 15 minutes in pan on a wire rack. Combine 3/4 cup powdered sugar and 5 teaspoons hot water in a small bowl; stir until smooth. Drizzle over buns.