In a medium bowl, combine softened cream cheese and butter until smooth.
Add vanilla extract and mix thoroughly.
Gradually sift in powdered sugar and mix until creamy.
Add milk one tablespoon at a time until desired consistency is reached.
Taste the icing and adjust sweetness with more sugar if necessary.
If too thick, add a little more milk; if too thin, add more powdered sugar.
Let the icing sit for a few minutes to thicken slightly.
Spread the icing generously over warm cinnamon rolls.
Serve immediately for the best flavor and texture.