Beat cream cheese at medium speed with an electric mixer until smooth. Gradually add sugar, beating until combined. Add egg yolk, beating until blended.
Separate crescent rolls into 32 triangles. Spoon 1 tsp. cream cheese mixture onto short end of each triangle. Top with 1 tsp. cranberry sauce, and sprinkle evenly with walnuts. Fold long ends over filling, tucking edges under. Place on lightly greased baking sheets.
Bake at 350° for 15 to 17 minutes or until golden. Serve warm.
Orange-Almond Stuffed Crescents: Stir 1 1/2 tsp. grated orange rind into cranberry sauce. Substitute 1/2 cup toasted sliced almonds for walnuts. Prepare and assemble crescents as directed. Stir together 1 egg and 1 tsp. water; brush over unbaked crescents. Sprinkle with additional sliced almonds, if desired. Bake as directed. Stir together 1 cup powdered sugar and 2 Tbsp. orange juice; drizzle over baked crescents. Serve warm.