Preheat oven to 350°. Bake pecans in a single layer in a shallow pan 8 to 10 minutes or until toasted and fragrant, stirring halfway through. Cool completely (about 15 minutes).
Meanwhile, soak cranberries in boiling water to cover 15 minutes; drain and pat dry with paper towels.
Beat butter and next 3 ingredients at medium speed with a heavy-duty electric stand mixer until blended. Gradually add flour, beating just until combined. Stir in cranberries and pecans. Shape dough into 4 (12-inch-long) logs; wrap each log in plastic wrap. Chill 8 hours to 3 days.
Preheat oven to 350°. Cut each log into 1/4-inch-thick slices; place on parchment paper-lined baking sheets. Bake 13 to 15 minutes or until lightly browned. Remove from baking sheets to wire racks, and cool completely (about 20 minutes).
I have made these several times as specified with rave reviews. I tried last time with chopped and roasted pistachios. They were even better and very pretty for Christmas. I think the key is not to slice them too thick before baking.
Do follow directions. I used toaster oven first time. Wafers very crumbly. But used regular oven next time. Cooled per instructions. They came out very good. Will freeze baked rolls. (Dough was a little hard to mix, but one can work with it getting stuck in mixer attachments. Recommend this recipe.
These wafers took much longer to bake than stated. I almost doubled the time and they still didn't get crisp or lightly browned. I could taste a flour taste with every bite. I probably didn't cut them thin enough on the first batch so I cut thinner on batch #2. There was less of a flour taste but still not good enough to want to make again. The thinner ones also crumbled too much. I did like the hint of heat from the red pepper. All in all, there are better recipes out there for the effort and pricy ingredients.