Place the softened butter in the bowl of a stand mixer with a whisk attachment.
Whip the butter for 1-2 minutes.
Add the softened cream cheese and beat for 1 minute.
Mix in the powdered sugar, one cup at a time, beating in between.
Add the vanilla extract and whip the frosting for 2-3 minutes until light and fluffy.
If your frosting is too thick, add milk or cream 1 tablespoon at a time, until your desired consistency is reached.
Serve with your favorite baked goods like cupcakes, cinnamon rolls, cakes, and cookies.