Cook butter in a small heavy saucepan over medium heat, stirring constantly, 6 to 8 minutes or until butter begins to turn golden brown. Immediately remove from heat.
Pour butter into a bowl. Cover and chill 1 hour or until butter is cool and begins to solidify.
Beat butter and cream cheese at medium speed with an electric mixer until creamy; gradually add powdered sugar, beating until light and fluffy. Stir in cinnamon and vanilla.
