Preheat your oven to 350°F (175°C) and prepare two lined baking sheets with parchment paper.

In a large mixing bowl, cream together the softened butter, granulated sugar, and brown sugar until light and fluffy.

Incorporate the egg, molasses, and vanilla extract into the mixture, beating until smooth.

In a separate bowl, mix together the flour, baking soda, baking powder, and spices until evenly combined.

Gradually add the dry ingredients to the wet mixture, mixing gently until just combined.

Portion out the dough onto the prepared baking sheets, spacing about 2 inches apart.

Bake in preheated oven for 9 to 11 minutes until slightly puffed and firm at edges but soft in center.

Cool the cookies on the sheets for 5 minutes before transferring to a wire rack to cool completely.

For the frosting, beat cream cheese, powdered sugar, butter, ground cinnamon, and vanilla until smooth, adding milk to reach desired consistency.

Once cooled, frost each cookie with cream cheese frosting and add sprinkles if desired.