In a bowl, gently mix cream cheese and cranberry sauce together until semi-incorporated, but not completely smooth and homogeneous.
In a another bowl, whisk the eggs with the milk, add sugar and cinnamon.
Remove the bread crust, and flatten the slices with a rolling pin. Spread about 1-2 teaspoons of cranberry cream cheese mixture along one edge of the bread.
Gently but tightly roll up the bread around the cranberry and cream cheese mix. Continue with the remaining bread.
Melt about 1 tbsp of butter in a pan. Coat the rolls in the egg mixture and place seam side down. Cook 3-4 roll at a time.
When browned, turn a quarter turn and continue until all sides are cooked and browned nicely. Clean the pan slightly with a paper towel and repeat until all rolls are cooked.
Remove to a plate, dust with more powdered sugar, if desired. Serve warm.