In a small saucepan, over medium heat, cook 1/2 cup butter (1 stick) until browned and nutty fragranced. Watch carefully, stir occasionally and do not let burn. This should take about 15-20 minutes.
Cube the other 1/4 cup of butter (1/2 stick) and place in a mixing bowl with softened cream cheese. Pour browned butter over top and allow to sit for about 3 minutes. Add the vanilla extract or vanilla bean seeds. With an electric mixer, beat until the butter and cream cheese are smooth. Gradually add the confectioners' sugar until the proper consistency is reached. (To avoid lumps, shake/sift sugar through a sieve.) Add 1-3 tablespoon heavy cream, if needed, to thin to a spreading consistency.
If the frosting is too soft for decorating, refrigerate for about half an hour before using.