Preheat oven to 350°F (175°C). Line baking sheets with parchment paper.
In a large bowl, cream together the butter, cream cheese, and sugar until light and fluffy. Beat in the vanilla extract.
In a separate bowl, whisk together the flour, baking soda, and salt. Gradually add to the wet ingredients, mixing until just combined.
Stir in the sprinkles.
Drop by rounded tablespoons onto the prepared baking sheets.
Bake for 8-10 minutes, or until the edges are lightly golden. Let cool on the baking sheets for a few minutes before transferring to a wire rack to cool completely.
Notes
For best results, chill the dough for 30 minutes before baking.