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Cut cream cheese and butter into Bisquik until crumbly.
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Blend in 1/3 cup milk with wooden spoon. Turn onto floured surface and knead 8-10 strokes.
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Roll into 12" x 8" rectangle.
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Spread preserves over center of dough.
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Make 2-1/2" cuts at 12" intervals on long side.
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Fold strips over filling and pinch ends together.
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Transfer cake onto 9"x13" greased pan or cookie sheet.
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Bake 425 degrees for 12-15 minutes.
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Prepare glaze by combing powder sugar, 1-2 tsp milk and vanilla.
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Drizzle over coffee cake while still hot.