Mix flour, butter and cream cheese to make dough. Wrap in waxed paper and refrigerate at least 2 hours, or overnight. (If overnight, let stand at room temperature ½ hour before rolling.)
Roll to ¼" thickness and cut in 12 circles (about 2½") and 24 rings the same size, using doughnut cutter. Moisten edge of a circle with water and lay one ring on it. Moisten edge