Using a hand mixer or a stand mixer fitted with the paddle attachment, beat the cream cheese until smooth. Add the pumpkin, both sugars, pumpkin pie spice, and vanilla extract and continue to beat until creamy.
Transfer to an airtight container and refrigerate for at least 1 hour before serving.
Notes
You will want to use a full-fat block of cream cheese for this recipe. Do not use the spreadable cream cheese that is sold in a tub.
Be sure to use 100% pure pumpkin puree, not pumpkin pie filling.