DIPPING Sauce: Bring cream cheese and cream to simmer in saucepot. Remove from heat; set aside.
COMBINE water and sugar in separate saucepot; bring to boil on medium heat, stirring frequently and scraping down sides of the pot. Cook until mixture is a golden-caramel color. Remove from heat. Gradually stir in cream cheese mixture until well blended. Stir in vanilla and salt; cool.
CHURROS: BRING water, 1/4 cup sugar (or 2 Tbsp. sugar for trial recipe), salt and butter to boil in separate saucepot on medium-high heat. Add flour; cook and stir until mixture pulls away from side of pot. Transfer to a bowl. Add eggs, 1 at time, beating after each until well blended. Stir in vanilla. Spoon into pastry bag fitted with large star tip. (Or spoon into churros maker.)
PIPE 5-inch lengths of dough, in batches, into oil in deep fryer heated to 350ºF. Fry until golden brown; drain on paper towels. Combine 2 cups sugar (or 1 cup sugar for trial recipe) and cinnamon. Add warm churros, 1 at a time; toss to coat.
FOR each serving: Serve 1 Churros with 1 oz. Dipping Sauce.