In medium bowl, beat cream cheese, butter and 3 tablespoons milk with electric mixer on low speed until smooth.
Gradually beat in 2 cups powdered sugar, 1 cup at a time, on low speed until topping is smooth.
Cover; set aside.
In large bowl, stir all pancake ingredients except powdered sugar with whisk until well blended.
Heat griddle or skillet over medium-high heat (375°F).
Brush griddle with vegetable oil if necessary (or spray with cooking spray before heating).
For each pancake, pour slightly less than ¼ cup batter onto hot griddle.
Cook until bubbles form on top and edges are dry.
Turn; cook other side until set.
Spoon topping into resealable food-storage plastic bag; seal bag.
Cut off tiny corner of bag; squeeze bag to drizzle topping over pancakes.
Sprinkle with powdered sugar.
Notes / Tips / Wine Advice:
*For the best results, liquid food color is not recommended for this recipe.
Make-Ahead Magic
To get a jump on breakfast, make the Cream Cheese Topping the night before. Spoon it into a resealable food-storage plastic bag; refrigerate. Let it stand at room temperature while preparing the pancakes. If the mixture is too stiff to drizzle, knead the bag.
Make-Ahead Magic
You can also prep the pancakes ahead. Measure the dry ingredients into a mixing bowl; cover. Add the food color and eggs to the milk in the measuring cup; cover and refrigerate until you’re ready to mix the batter.