Drain apple rings, reserving syrup. In a 3 qt. container combine reserved syrup, 2 c. apple juice, cranberry juice cocktail, water and cinnamon stick. Cover and chill 24 hr. Remove cinnamon. Chill, covered, up to 2 weeks. In a 4 c. ring mold, freeze a little of the remaining apple juice just till slushy (about 30-45 min). Using an hors d’oeuvre cutter, cut orange peel into stars. Press stars into slushy juice in mold. Center apple rings over stars. Freeze till firm. Add remaining apple juice to mold. Freeze up to 2 weeks. To serve, unmold ice ring; place in a large punch bowl. Add syrup mixture. Slowly add champagne or ginger ale. serve immediately with cinnamon sticks and additional orange peel stars.