In a large bowl, beat cream cheese and butter until smooth. Gradually add flour and mix well. Divide dough into four pieces. Cover and refrigerate for 2 hours.
On a floured surface, roll each portion of dough into a 12x8-in. rectangle. Combine sugar and cinnamon; sprinkle over dough. Spread with preserves; sprinkle with pecans. Roll up tightly, starting with a short side; pinch ends. Place seam side down on a greased baking sheet. Using a sharp knife, make three slashes across the top of each roll.
Bake at 350° for 28-32 minutes or until golden brown. Remove to wire racks to cool. Combine glaze ingredients until smooth; drizzle over pastries.