In a medium bowl combine cream cheese, sugar, and 1 tablespoon milk; uisng an electric mixer on medium speed, beat until light and fluffy.
Break 4 waffles into pieces and place in a greased 8x8-inch baking dish. Dollop cream cheese and preserves over waffles. Break remaining waffels into pieces and place on top.
In another bowl, whisk together remaining milk, eggs, and vanilla; pour over waffles. Refrigerate, covered, several hours or overnight.
Bake, uncovered, in a preheated 350°F oven 30-35 minutes or until golden borwn and a knife inserted in the center comes out clean.