Melt one half of the stick of butter in small saucepan over medium heat until lightly browned. Save the remaining half stick for later.

Place butter & cream cheese in bowl of a stand mixer fitted with whisk attachment; mix on medium speed for approximately 30 seconds, until well blended. Add vanilla.

Turn speed to low and slowly add powdered sugar to bowl. Add remaining half-stick of butter and mix on medium-high speed for 3-5 minutes. Use immediately or store, covered, up to 1 week.