Preheat the oven to 400° and place some parchment paper on a round cookie baking sheet.
Remove pie crust from refrigerator and bring to room temperature, about 10 to 15 minutes. Unroll bottom crush onto parchment paper lined baking sheet.
Evenly spread the preserves on the bottom crust, keeping about 1/2 inch border from edge of crust.
Wet your fingers and then wet the half-inch edge of the crust. Unroll second crust and place on top of bottom crust. Slightly push the edges together to seal them, be gentle when doing this. Use a fork to seal the crust together.
Lightly roll the edge of the pop-tart upward just a little bit to ensure that it does not stick to the pan while baking.
Place in oven for approximately 20 minutes or until golden-brown. Remove from the oven and allow to cool.
Prepare frosting by adding cream cheese in a small mixing bowl. Add the milk and vanilla and stir. Then use a hand-held fine-mesh strainer to sprinkle the powdered sugar into the mixture while stirring. Add optional food coloring if desired.
Apply prepared frosting to top of cooled pop-tart. Slice and serve.