Whisk together first 2 ingredients in a heavy saucepan; whisk in eggs and milk until smooth. Cook over medium heat, whisking constantly, 8 to 10 minutes or until mixture reaches a chilled pudding-like thickness. Bring to a boil, whisking constantly; boil, whisking constantly, 1 minute.
Remove from heat, and whisk in cream cheese and vanilla until cheese melts. Cool to room temperature (about 1 hour).
Place plastic wrap directly on mixture (to prevent a film from forming), and chill 6 to 24 hours.
