In 2-quart saucepan, mix granulated sugar and cornstarch with whisk. Stir in cherries, reserved juice, the orange peel, orange juice and butter. Cut slit down center of vanilla bean; scrape out seeds. Add seeds and bean to cherry mixture. Heat to boiling; boil 1 minute, stirring constantly. Pour into shallow container. Remove and discard vanilla bean. Refrigerate until ready to assemble.