How to Make It
Beat cream cheese and butter at medium speed with an electric mixer until creamy. Gradually add powdered sugar, beating until light and fluffy. Stir in vanilla extract.
Chocolate Glaze: Melt 1 (12-ounce) package semisweet chocolate morsels and 1/2 cup whipping cream in a 2-quart microwave-safe bowl at MEDIUM (50% power) 2 1/2 to 3 minutes or until chocolate begins to melt. Whisk until chocolate melts and mixture is smooth. Makes about 2 cups. Prep: 5 min.
Vanilla Glaze: Stir together 1 (16-ounce) package powdered sugar, 5 tablespoons milk, and 2 teaspoons vanilla extract just until powdered sugar is moistened and mixture is smooth. Add an additional tablespoon of milk, if needed. Use immediately. Makes about 1 1/2 cups. Prep: 5 min.
Note: We kept this glaze very thick so that it wouldn't drip all the way down the sides of the Fluted Chocolate-Red Velvet Cakes, but feel free to make it a little thinner if you'd like to drizzle it over other cakes.