Sprinkle chicken with salt and pepper. Spread one tablespoon cream cheese over each chicken breast; top with one tablespoon butter and 1/4 teaspoon tarragon. Roll up and wrap with one slice bacon; secure with a toothpick.
Place chicken seam-side down on an ungreased baking sheet; bake at 400° for 30 minutes or until juices run clear when chicken is pierced with a fork. Increase temperature to broil; broil 8 to 10 minutes or until bacon is crisp.