Heat a saucepan over medium heat; add oil. Stir cranberries into hot oil and cook until cranberries absorb most of oil, 5 to 10 minutes. Mix sugar, water, jalapeño peppers, lemon juice, cilantro, and salt into cranberries; cook until reduced and softened, 10 to 15 more minutes. Add more water if needed.
Pulse cranberry mixture in a food processor or blender until very smooth; cool completely.
Stir cooled cranberry mixture and cream cheese together in a bowl until smooth and creamy.