Line a baking tray with parchment paper. Melt the candy melts and transfer into a zip top bag. Cut off a small tip at the bottom of the bag and pipe the red candy melts onto the baking trays, creating nickel-sized circles. Take the back of a spoon and push it against the circle to create a petal shape. Let petals chill in the refrigerator for 10 minutes.
In a medium size bowl, mix together the cream cheese, butter and powdered sugar until smooth. Place the cream cheese mixture into a zip top bag, then cut off a small tip at the bottom of the bag for piping.
Use the cream cheese mixture to attach each of the petals to the top of the cheesecake in a circular formation, starting from the outside, to achieve the poinsettia design.