Preheat the oven to 400°F.

In a medium bowl, beat together the cream cheese, sugar, rum extract and nutmeg.

Unroll dough; separate each package into 2 long rectangles. Press each into 12x4-inch rectangle, firmly pressing perforations to seal.

Spread the cream cheese mixture on top of each of the 4 rectangles. Starting with one short side, roll up each rectangle; press edge to seal. With serrated knife, cut each roll into 6 slices; place cut side down on ungreased cookie sheet.

Bake 12 to 17 minutes or until edges are golden brown. Remove from cookie sheet and let cool completely.

To make the icing, combine the powdered sugar, butter and 1 tablespoon of milk. Add more milk until it is thin enough to drizzle over the pinwheels. Drizzle the icing over the pinwheels, then grate fresh nutmeg on top of the pinwheels.

Store in the refrigerator.