Beat cream cheese and 1 cup of the margarine with electric mixer on medium speed until well blended. Gradually add flour, mixing until blended. (Dough will be very soft and sticky.) Divide dough into 4 portions; place each on sheet of plastic wrap. Shape each portion into 1-inch thick circle, using floured hands. Wrap plastic wrap around each circle to enclose. Refrigerate overnight.
Heat oven to 350°F. Line greased cookie sheet with aluminum foil or parchment paper. Roll each portion of dough to 11-inch circle on lightly floured surface, lifting dough occasionally to add more flour to surface to prevent sticking. Melt remaining 1/4 cup margarine. Mix walnuts, 1/2 cup sugar and 2 teaspoons of the cinnamon. Brush surface of dough with margarine; sprinkle evenly with walnut mixture.
Cut each circle into 8 wedges. Spoon 1/2 teaspoon preserves at wide end of each wedge; roll up from wide end of wedge. Place on cookie sheet; shape into crescents. Brush tops lightly with additional melted spread; sprinkle with combined remaining 1 teaspoon cinnamon and 2 tablespoons sugar.
Bake 20 to 23 minutes or until light golden brown. Remove immediately from cookie sheet. Cool on wire rack. Makes 32.
Note: For smaller cookies, cut each circle of dough into 16 wedges. Continue as directed. Makes 64.