In a large bowl, cream the butter, cream cheese and sugar until light and fluffy. Add eggs, one at a time, beating well after each addition. Beat in the lemon juice, extracts and lemon peel. Add flour; beat just until moistened.
Fill greased miniature muffin cups half-full for biscuits (or two-thirds full for cakes). Bake at 325° for 8-12 minutes (or 10-15 minutes for the fuller ones) or until a toothpick comes out clean. Cool for 5 minutes before removing from pans to wire racks to cool completely.
In a large bowl, combine the butter, confectioners'' sugar, lemon juice, peel and enough cream to achieve desired spreading consistency.
Add food coloring if desired. Dip tops of cakes into icing; place on waxed paper to dry.