Combine ⅓ cup brown sugar and 1/4 tablespoon cayenne pepper, generously rub mixture into pork chops. Set aside. Reserve any leftover seasoning.
In a pressure cooker, on sauté setting, add olive oil and sear pork chops in batches until browned on both sides. Remove from pot.
Add 1 cup red wine and ¼ cup cranberry juice to pot and stir, scrapping up all the browned bits. Add any leftover seasoning mixture and stir to combine.
Return pork chops back to the pot and add cranberries and thyme.
Cook on high pressure for 2 minutes and let naturally release for 10 minutes. Internal temperature should be 145° F.
Remove pork from pot and let stand for 3 minutes before cutting. Serve with remaining sauce in the pot.