Make the pancake batter: In a large bowl, whisk together the flour, baking powder, salt, and sugar. In a separate bowl, whisk together the milk, egg, melted butter, and vanilla extract. Add the wet ingredients to the dry ingredients and stir until just combined. The batter should still be slightly lumpy.
Make the cinnamon swirl: In a small bowl, mix together the sugar, flour, cinnamon, nutmeg, and salt. Add the softened butter and mix until a crumbly mixture forms.
Cook the pancakes: Heat a non-stick skillet or griddle over medium heat. Drop the pancake batter by 1/4 cupfuls onto the skillet or griddle. Sprinkle a small amount of the cinnamon swirl mixture onto the top of each pancake.
Create the cinnamon roll design: Use a spatula to create a swirl design on top of each pancake by spreading the cinnamon swirl mixture in a circular motion.
Cook the pancakes: Cook the pancakes for 2-3 minutes, until bubbles appear on the surface and the edges start to dry. Flip the pancakes and cook for an additional 1-2 minutes, until golden brown.
Make the cream cheese frosting: In a medium bowl, beat the cream cheese and butter until smooth. Add the vanilla extract and powdered sugar, and beat until combined.
Assemble the pancakes: Stack the pancakes on a serving plate or platter. Drizzle the cream cheese frosting over the top of the pancakes and sprinkle with additional cinnamon sugar if desired.