In a mixer fitted with a paddle attachment (or a hand mixer can be used), combine the cream cheese and butter. Mix. Add the vanilla and mix until uniform. Add the flour and salt and mix until uniform and the dough forms a ball.
Remove from mixer, wrap in plastic wrap and chill 2 hours to overnight.
Preheat oven to 375 degrees F. Line 2 baking sheets with parchment paper or grease.
For crescent shaped rugalach, divide dough into 3 equal parts. Roll each part into an 11-12 inch circle. Spread jam and nuts evenly over each circle, sprinkle with cinnamon sugar. Cut each circle into 16 wedges. Roll wedges starting at the wide end. Place on prepared baking sheet point side down.
For rolled rugalach, roll each dough part into a rectangle 1/8-inch thick (about 16x10-inches). Spread Jam or Butter over each rectangle, leaving a 1/4-inch border. Sprinkle nuts over jam and sprinkle with cinnamon sugar. With the long edge of the rectangle facing you, roll up the dough. Gently tuck and tighten the roll as you go. Finish with the seam of the dough facing down. Cut each roll into 1 1/2-inch pieces. Place pieces on prepared pan seam side down.
Bake 15-20 minutes, or until golden brown. Remove from oven and allow to cool. Sprinkle with confectioner’s sugar if you desire.