In a large bowl, cream butter and sugar until light and fluffy. Beat in egg and vanilla. Combine dry ingredients; gradually add to the creamed mixture. Divide dough in half. Shape each into a ball, then flatten into a disk. Wrap in plastic and refrigerate for 1 hour or until easy to handle.
On a lightly floured surface, roll one portion of dough to 1/8-in. thickness. Cut with a 3-1/2-in. egg-shaped cookie cutter. Place 1 in. apart on ungreased baking sheets.
Repeat with remaining dough, cutting with a 3-in. oval cookie cutter and a 1-in. triangle cookie cutter. Attach a triangle to each oval to create thought bubbles. Place on baking sheets.
Bake at 350° for 8-10 minutes or until lightly browned. Cool on wire racks.
In a small bowl, combine the confectioners' sugar, water and meringue powder; beat on low speed just until combined. Beat on high for 4 minutes or until soft peaks form. Cover frosting with damp paper towels or plastic between uses. Tint icing as desired.
Working quickly with one color at a time, pipe outlines on some of the cookies; fill with thinned icing. Repeat using other colors. Let dry at room temperature for several hours or until firm.
Add faces and writing to cookies as desired. Let stand until set. Store in an airtight container.
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