Combine milk and cream in 1 1/2 quart saucepan. Heat until warm, but do not boil.
Melt butter in small saucepan. Whisk flour into butter until smooth. Add heated milk and cream, all at once, to flour mixture and continue to whisk until mixture comes to a boil. Simmer over low heat 5 minutes or until sauce is slightly thickened, stirring constantly.
Remove from heat and whisk in parmesan cheese, salt and white pepper. Toss with hot pasta; sprinkle with parsley. Serve immediately.