Beat first 5 ingredients at medium speed with an electric mixer until smooth; cover. Freeze 2 hours.
Shape cream cheese mixture into 1-inch balls, and place on a wax paper-lined baking sheet; cover and freeze 1 hour. Let stand at room temperature 10 minutes.
Microwave chocolate candy coating in a 1-quart microwave-safe bowl at HIGH 1 1/2 minutes or until melted, stirring twice.
Dip balls into coating; place on wax paper. Let stand until firm.
Place vanilla coating in a zip-top plastic bag. Seal and submerge coating in warm water until melted. Snip a hole in 1 corner of bag, and drizzle coating over chocolates, if desired.
Note: A food processor may be used for the first step.