In a large mixing bowl beat cream cheese and butter at medium-high speed with an electric mixer for 2-3 minutes or until smooth. Add strawberry preserves and vanilla, beating until well combined. Add powder sugar, beating until smooth. If too runny add more powder sugar, if too thick add a touch of milk.
~ This would be wonderful on white cup cakes among many other cakes.
Madagascar Vanilla (purchase at Chefs Catalog) Of all the vanilla's I've used this is my favorite. Once you've tried it you won't go back!