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.
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.
Refrigerate 4 hours or overnight or until cheese is firm
Unwrap cheese mixture. Place on serving plate. Smooth entire shape with spatula or knife. Garnish with bell pepper. Serve with assorted crackers.