1. Heat oil in large saucepan on medium heat. Add onions; cook and stir 3 min. or until softened.
2. Stir in remaining ingredients except cream cheese until blended. Bring to boil.
3. Add cream cheese; cook on medium-low heat until cream cheese is completely melted and mixture is well blended, beating constantly with whisk.
Special Extra: For extra flavour, sprinkle each serving lightly with ground nutmeg.