In large saucepan, melt cream cheese & butter over low heat, stirring until smooth. Remove from heat.
Gradually add in the powdered sugar then the extracts. Stir until well blended. You can add food coloring at this point if so desired.
Let dry for a couple of minutes. Spoon into decorator w/ small tip and squirt onto waxed paper. Let set for at least 12 hours (24 hours is better) to dry then transfer in ziplock bags & store in freezer or store in air tight containers or just set out in pretty dishes uncovered.
I actually use my Pampered Chef Easy Accent Decorator for this. You can also use a ziplock bag with a corner snipped just a bit and squeeze out in a swirlling motion to make them pretty.
This is the consistency. Hope you can tell by the pic, which isn't that good.