Preheat oven to 350 degrees F (175 degrees C). Grease a 9×13 inch pan.
Press one can of the crescent rolls into the bottom of the prepared pan. In a medium bowl, mix together the cream cheese, 1 cup of sugar, and vanilla until smooth and creamy. Spread over the crescent layer. Unroll the second can of crescent rolls and lay them on top of the cream cheese layer. Do not press down. Pour the melted margarine over the entire pan. Combine the remaining 1/4 cup of sugar and cinnamon; sprinkle over the top.
Bake for 25 to 30 minutes in the preheated oven, or until the top is crisp and golden.