In a large bowl, beat the butter and cream cheese until combined. Beat or stir in the flour and salt. Divide mixture into 7 balls. Cover and chill in the refrigerator for at least 2 hours or up to 24 hours.
In a bowl, combine walnuts, granulated sugar, and cinnamon. On a floured surface, roll each ball into a 6-inch circle. Brush circles lightly with some water. Sprinkle 2 teaspoons walnut mixture over each circle.
Cut each circle into 8 wedges. Starting at the wide end, roll up each wedge to form a crescent. Place crescents point down on ungreased cookie sheets.
Bake in a 350 degree F oven for 12 to 15 minutes or until golden. Remove to wire racks. Cool. Roll in powdered sugar. Store at room temperature. Makes 56 cookies.