On medium-high speed, beat butter and cream cheese until fluffy, 2 minutes.Reduce speed to low; gradually beat in flour until dough forms.Wrap dough in plastic wrap; refrigerate 1 hour.
Preheat oven to 350 degrees.Line baking sheets with parchment paper.Combine raisins, brown sugar and cinnamon.Divide dough into two pieces.On lightly floured surface, roll out one dough piece into 12×8" rectangle.Brush with 2 T. preserves, leaving 1/2" border on long sides.Evenly sprinkle half of sugar-raisin mixture over preserves.Starting with one long side, roll up dough jellyroll style.Repeat with remaining dough, preserves and sugar-raising mixture.
Brush tops of dough logs with egg.Cut into 1"-wide slices.Place slices, glazed side up, 1-1/2" apart on baking sheets.Bake 15 minutes or until lightly browned and baked through in center.Cool on pans on racks.Sprinkle with confectioners’ sugar.
