Preheat oven to 350°F. Coat 10-inch round pizza pan with nonstick cooking spray.
Separate crescent rolls at perforations into 16 slices. Place slices around prepared pan with points in the center. About halfway down from points, press seams together.
In mixing bowl, beat cream cheese, confectioners’ sugar, and vanilla until creamy. Spread on dough in the center where seams have been pressed together.
In another small bowl, combine butter, brown sugar, and cinnamon with a fork until crumbly. Sprinkle over cream cheese. Fold dough points over filling, then fold bottom of triangle over points forming circular roll like king cake.
Bake about 20 to 25 minutes or until golden brown. Cool slightly and drizzle with colored Mardi Gras Icing.
For the Mardi Gras Icing:
In a small bowl, combine all ingredients, except food coloring. Divide mixture into three bowls.
In first bowl, add a few drops of yellow food coloring. In second bowl, add a few drops of green food coloring. In third bowl, add equal amounts of drops of red and blue food coloring (to create purple).