In a large bowl, beat the cream cheese, butter, sugar & flavorings with an electric mixer on medium-high speed until light and fluffy, about 2 minutes, scraping down the bowl with a rubber spatula as needed.
Reduce the mixer speed to low and beat in the flour & salt until combined. Divide the dough between 2 large pieces of plastic wrap. Flatten each into a 1/2-inch-thick disk and wrap. Refrigerate until firm, at least 1 hour or overnight.
Line two baking sheets with parchment.
Roll out 1 disk of dough between 2 heavy sheets of plastic wrap into a square about 1/8 inch thick. You should be able to cut (9) 3-inch squares from it as well as have some edges left for making about 18 leaves. Re-wrap & refrigerate dough scraps while you shape the poinsettias.
Cut a 1 1/2-inch slit in all four corners of each dough square to form 8 points. Fold over every other point, moisten tip with egg white & press into the center of the square. Arrange cookies on prepared cookie sheet. Refrigerate while you repeat the same procedure with the other disk of dough.
Cut enough leaves out of the scraps using a sharp knife or a leaf-shaped cutter, making 2 leaves for each poinsettia. Arrange the leaves on plate & lightly brush with egg white, then sprinkle with green sanding sugar. Set aside in the refrigerator.
Preheat the oven to 350 F.
Lightly brush the poinsettias with egg white & sprinkle half with red sanding sugar & half with white sanding sugar. Brush the ends of 2 leaves & tuck underneath each poinsettia on opposite sides. (No need to press the dough; it will meld together as it bakes.)
Bake, rotating the baking sheet halfway through, until the cookies are puffed and the edges are golden, 20 to 25 minutes. Immediately press a yellow (chocolate) candy in the center of each warm cookie. Let cool 5 minutes, then transfer the cookies to a wire rack to cool completely.
Spicy Wreath Cookie
In a large bowl, combine all ingredients. Mix until a dough forms. Roll dough into a long strip about 43-inches in length.
Preheat oven to 300 F.
On a sheet of parchment, draw a round circle about 13 1/2-inch circumference. Place on a baking sheet or use a large round pizza pan.
Lay the long strip of cookie dough in a circle following your pencil drawing to form the wreath base on the parchment lined baking sheet. Flatten gently to about 1-inch thickness. With a knife, make zig-zag indentations on the dough.
Bake for about 20 minutes until done but not overbaked. Cool.
Assembly
Using a bit of gel paste from a purchased tube, anchor each cookie in place on top of wreath base to form ‘poinsettia wreath’. Finish with adding a ribbon or some holly leaves & pinecones or personalize to your own taste.
Recipe Notes
I like to save the heavy plastic wrap from frozen puff pastry for recipes like this. When you roll the dough between two sheets of plastic wrap as opposed to using flour on your board, it really keeps the dough from becoming so dry.
I found if I took the poinsettia cookies out of the oven about 5 minutes before they were finished baking & pressed the candy center in then returned them to the oven, the candies stuck to the cookies better.