This frosting was originally from a Bon Appetit Spiced Pumpkin Layer Cake, but has been tweaked a bit by Margie and Ginger, and can be used on a variety of cakes.

Ingredients:
8 oz. cream cheese, room temp.
10 tbsp (1¼ sticks) unsalted butter, room temp.
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¼ c spiced rum
1 tsp vanilla extract or paste
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4½  c powdered sugar

Instructions:

1. Beat cream cheese and butter with an electric mixer in a large bowl until smooth.
2. Beat in rum and vanilla.
3. Add powdered sugar (best to do in three additions, beating just until frosting is smooth after each addition; if you overbeat the frosting will become too soft to spread).

Source:  Bon Appetit, 10/2007