In a medium bowl, combine pudding mix and milk. Mix well and let stand until thickened.
In a large bowl, beat cream cheese until smooth. Add pudding and mix well. Finally, fold in whipped topping.
12 servings
This frosting goes well with Sugar Free Carrot Cake

*Note* instead of the frozen whipped topping I used an 8 oz. carton of heavy whipping cream whipped with splenda.