1. Beat cream cheese and butter in large bowl with electric mixer on medium speed until smooth. Add remaining ingredients except red bell pepper; beat well.
2. Place piece of plastic wrap on baking sheet. Spoon cheese mixture onto plastic wrap to form a candy cane shape, log or ball. Fold up plastic wrap over cheese to encase.
3. Refrigerate 4 hours or overnight or until cheese is firm
4. Unwrap cheese mixture. Place on serving plate. Smooth entire shape with spatula or knife. Garnish with bell pepper. Serve with assorted crackers.