Cut cream cheese and 1/3 cup butter into flour with a fork or pastry blender until crumbly; stir in milk.
Turn dough out onto a lightly floured surface; knead 3 to 4 times. Pat or roll dough to 1/2-inch thickness. Cut with a 2 1/2-inch round cutter; set aside.
Melt 1/4 cup butter in a large skillet over medium-high heat; add apple mixture. Cook, stirring often, 20 minutes or until apple is tender and syrup thickens slightly. Stir in remaining ingredients. Pour into a lightly greased 11- x 7-inch baking dish; place dish on an aluminum foil-lined baking sheet. Arrange 12 biscuits over hot mixture. Place remaining biscuits on a baking sheet.
Bake cobbler at 425° for 20 minutes or until biscuits are golden. Bake biscuits at 425° for 12 to 15 minutes. Serve cobbler with ice cream, if desired.