Preheat the oven to 350°F. Grease and flour a Bundt pan.
Cream together the butter, 1 pkg. cream cheese and granulated sugar with mixer for 1 minute or until light and fluffy.
Add the eggs, one at a time, beating well after each addition.
Mix in the milk, 1/3 cup Meyer lemon juice, zest, and vanilla.
In a separate medium sized bowl, whisk together the flour, baking powder, and salt.
Add the dry ingredients to the wet in 3 stages, folding the batter together until just incorporated. Don't overmix.
Pour the batter into the Bundt pan and bake for 50 to 60 minutes or until toothpick inserted near center comes out clean.
Cool on a wire rack before removing from pan to glaze.
To make the glaze, whisk together the powdered sugar, remaining cream cheese, and remaining Meyer lemon juice, adding the juice gradually until you get the consistency you desire.
Drizzle on the glaze and serve!