Heat olive oil in large sauce pan on medium heat. Add onion. Cook + stir until onion is crisp and tender (about 3 minutes)

Stir in remaining ingredients, except cream cheese, until well blended. Bring to a boil.

Reduce to medium-low heat. Add cream cheese; cook until cream cheese is completely melted and mixture is well blended. Beat consistently during cooking with wire whisk

Optional: Sprinkle with nutmeg to taste