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 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.
Make the cream cheese frosting: In a small bowl, beat the cream cheese and butter until smooth. Add the vanilla extract and powdered sugar, and mix until smooth.
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 cinnamon swirl over the top of each pancake
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.
Serve: Serve the pancakes warm with cream cheese frosting and additional cinnamon swirl if desired.