1 graham cracker crust (6 oz.)
1 (8 oz.) pkg. cream cheese, softened
1 (14 oz.) can sweetened condensed milk
1/4 c. cold water
1 (4 oz.) pkg. instant butterscotch pudding
1 (8 oz.) tub whipped cream, thawed

In large mixer bowl, beat cream cheese until fluffy. Gradually beat in sweetened condensed milk until smooth. On low speed, beat in water and pudding mix until smooth. Fold in half of the whipped topping and pour into crust. Chill 2 hours or until set. Garnish with remaining whipped topping and serve. Refrigerate leftovers.