1. Melt butter in a medium sauce pan over medium heat. Once butter is melted, continue to whisk over medium heat until butter turns from yellow to a golden color. Remove from heat.
2. In a medium bowl cream together butter, cream cheese for 2-3 minutes until very fluffy and creamy.
3. Mix in powdered sugar, one cup at a time, adding 1-2 tablespoons of milk after each addition of powdered sugar. Once all of the powdered sugar is incorporated, mix in vanilla and more milk (1 tablespoon at a time) until icing is a smooth spreadable consistency.
4. Spread immediately on cinnamon rolls, or store chilled in airtight container up to five days.