Blend cream cheese, 1/4 cup sugar, and 1 beaten egg. Set aside.
Combine flour, 1 1/2 cups white sugar, baking soda, salt, and spices. Set aside.
Combine pumpkin, butter or margarine, beaten egg, and water. Add flour mixture to pumpkin mixture, mixing just until moistened. Reserve 2 cups of the pumpkin batter. Pour the remaining batter into a greased and floured 9 x 5 inch loaf pan. Pour cream cheese mixture over pumpkin batter, and top with reserved pumpkin batter. Cut through batter several times with a knife for a swirl effect.
Bake at 350 degrees F (175 degrees C) for 70 minutes, or until tester comes out clean. Cool in the pan for 10 minutes, and then remove from pan to cool completely.