Bring a large pot of water to a boil. Meanwhile, heat oil in a large saucepan over medium-high heat. Add chorizo. Cook, stirring, until crisp, about 3 minutes. Transfer to a plate lined with paper towels, and let drain. Wipe out pan.
Melt butter in pan over medium heat. Add flour, spices, and 1 teaspoon salt. Cook, whisking constantly, 3 minutes (do not brown). Add sherry, and cook, whisking, 1 minute. Whisk in cream and oyster liquor. Bring to a simmer, and whisk until thick, about 3 minutes.
Add salt to boiling water; add pasta, and cook until al dente. Drain. Add oysters to sauce; gently poach until just cooked through, 1 to 2 minutes. Add pasta; toss. Divide among plates. Top with chorizo; sprinkle with orange zest.
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