Cream butter and cream cheese. Gradually add sugar, beating at medium speed of electric mixer 5 minutes or until light and fluffy. Add eggs, one at a time, beating well after each addition. Add flour, stirring until thoroughly combined. Stir in flavorings.
Pour batter into a greased and floured 10-inch tube pan. Bake at 325° for 1 1/2 hours or until a wooden pick inserted in center comes out clean. Cool in pan 10 minutes; remove from pan, and cool completely on wire rack.