Heat oven to 375°F. Spray 12 regular-size muffin cups with cooking spray. In food processor, place granulated sugar and almonds; process about 30 seconds or until almonds are finely ground. Add cream cheese, vanilla, almond extract and egg yolk; process about 10 seconds or until well blended.
If using crescent rolls: On lightly floured surface, unroll dough into 1 large rectangle. With floured rolling pin or fingers, roll or press dough into 12x9-inch rectangle, firmly pressing perforations to seal. If using dough sheet: On lightly floured surface, unroll dough into 1 large rectangle. With floured rolling pin or fingers, roll or press dough into 12x9-inch rectangle.
Spread cream cheese mixture evenly over dough rectangle. Starting with 1 long side of dough rectangle, roll up dough into log (filling will be soft). With serrated knife, cut log into 12 slices; place slices, cut side up, in muffin cups.
Bake 11 to 15 minutes or until light golden brown. With handle of wooden spoon, make indentation in center of each roll. Spoon 1 teaspoon preserves into each indentation.
Bake 2 to 4 minutes longer or until golden brown. Run knife around edge of muffin cups to loosen; remove rolls from cups and place on cooling racks.
In small bowl, mix powdered sugar and water until smooth; drizzle over warm rolls. Serve warm or at room temperature. Store in refrigerator.