Preheat oven to 350º.
Spray your bundt pan with cooking spray heavily, and set aside.
Open the biscuits and lay each roll out onto a cutting board
Cut each biscuit into quarters
Place the biscuits into a large bowl and sprinkle 1 C of the sprinkles onto the biscuits
Toss the biscuits with the sprinkles
Roll each biscuit quarter into a ball
Using a small sauce pan, melt the butter
Add in granulated sugar and vanilla extract
Place one layer of dough balls into Bundt pan, then pour one-third of the melted butter mixture over.
Repeat this process until you have used all the dough and butter mixture.
Bake for 30 to 35 minutes or until golden brown on top.
Cover with foil if the top browns too quickly. (You want to make sure the sugar granules melt completely)
While monkey bread is baking, make the cream cheese glaze
Using a standing mixer, beat the cream cheese and powdered sugar until smooth, light and fluff
Mix in the milk and vanilla until combined and smooth
Scoop cream cheese into the piping bag and set aside
Remove monkey bread from oven and allow to cool for 10 minutes before flipping over onto a serving tray
Pipe the cream cheese onto the monkey bread and sprinkle the remaining sprinkles all over!