In a large bowl, whisk together milk and pudding mixes until thick. Refrigerate for about 30 minutes, until firm. Fold in Cool Whip and refrigerate while preparing the rest of the mixture.
In the bowl of your mixer, beat butter, cream cheese and extracts on medium speed until smooth.
Slowly add powdered sugar and beat on medium speed for one minute, until smooth.
Fold cream cheese mixture into pudding mixture with a rubber spatula until combined.