In a mixing bowl, combine the softened cream cheese and unsalted butter. Beat together using an electric mixer or whisk until the mixture is smooth and well combined.
Gradually add the powdered sugar to the cream cheese and butter mixture, mixing on low speed to avoid a sugar cloud. Once incorporated, increase speed to medium and continue to beat until fluffy.
Add the milk, vanilla extract, and salt to the mixture. Beat again until all ingredients are combined and the icing is smooth and creamy.
Taste the icing and adjust the consistency by adding more milk if necessary, to reach your desired thickness.
Spread the icing generously over warm cinnamon rolls or store in an airtight container in the refrigerator until ready to use.
For a variation, you can add a pinch of cinnamon to the icing for extra flavor.
If the icing is too thick, add a little more milk; if too thin, add a bit more powdered sugar.