Remove crust from bread. Flatten each bread slice with rolling pin. Heat cream cheese in saucepan. Add milk; blend well. Remove from heat.
Spread cream cheese mixture on bread slices. Roll bread; cut into halves.
Melt butter in saucepan. Dip bread rolls in butter; roll in mixture of cinnamon and sugar. Place on baking sheet. Bake at 350 degrees for 10 minutes or until lightly browned. Serve hot or cold.