Mix together the butter and sugar. With a mixing spoon or whisk, beat in eggs, pumpkin, and water until well blended, scraping down sides of bowl as needed.
Mix flour, cinnamon, baking soda, baking powder, and nutmeg together; stir into batter.
Spread all but a few tablespoons batter evenly in prepared pan. Reserve the few tablespoons of batter
Swirl: In a second bowl, beat cream cheese, sugar and vanilla until smooth.
Add egg and beat just until it’s mixed in. Drop tablespoons of cheese mixture over pumpkin batter, then drag a knife through to make marbles. Drop reserved tablespoons of pumpkin batter over top. The reason for this is, there’s a lot of white batter, so putting a few tablespoons of pumpkin batter on top gives more of a contrast.
Bake on center rack until pumpkin batter springs back when touched, about 30 minutes.
Let cool completely in pan, then chill for an hour or more.
