Heat the canola oil in a large saucepan over medium-high heat. Add the shallot and serrano pepper and cook until softened, 3 to 4 minutes.
Add the orange juice and agave syrup, bring to a simmer and add the cranberries. Cook at a low boil until the cranberries have all popped and are just starting to reduce, 6 to 7 minutes.
Meanwhile, cut off the top and bottom of the blood orange. Working over a bowl, peel the orange with a sharp knife, then slice between the membranes, letting the segments fall into the bowl. Stir the orange segments and any juice, the chipotle and adobo sauce, cinnamon and 1/2 teaspoon salt into the cranberries.
Reduce the heat to medium low and simmer, stirring occasionally, until the sauce is thick, about 20 minutes.
Photograph by Andrew Mccaul
Recipe courtesy Guy Fieri for Food Network Magazine