In a medium saucepan over medium heat, combine cranberries, corn syrup, and water. Stir continuously until berries pop and mixture thickens. Set aside to cool.
In another medium saucepan over medium heat, melt butter and stir in cocoa and condensed milk. Stir until mixture thickens. Then stir in cooled cranberry mixture.
Refrigerate truffle dough 3 to 4 hours or until well chilled.
When cool, shape into one-inch balls, and roll in desired coatings.
