1) Using a mixer on medium speed, beat together the cream cheese and butter. Slowly add in the powdered sugar and mix until creamy. Add in the champagne, one tbsp at a time, and mix to combine.
2) Line the inside of a small bowl with plastic wrap. This will be used to shape the cheese ball.
3) Spoon mixture into the bowl. Pull the sides of the plastic wrap up gently and fold over the top of the mixture. Place bowl into the freezer for several hours to overnight.
4) Place a piece of parchment paper on a plate.
5) Remove bowl from the freezer and flip onto the plate. It may still be a bit soft so handle carefully
6) Press sprinkles or sugar pearls all around the cheese ball until covered. Place back into the freezer for an hour or two.
7) Remove from freezer and carefully transfer to serving tray.
Alternatively, you could serve this as a dip instead of a cheese ball. In this case, simply follow step 1 above and then chill in the refrigerator for several hours before serving. Top with festive sprinkles or sugar pearls.