Place the butter, cream cheese and sugar in a medium bowl. Using a mixer, beat the mixture until light and fluffy, about 2 minutes.
Add the flour and vanilla extract and beat for another minute.
Add the yogurt, ¼ cup at a time and mix on low to combine.
Stir in the sprinkles, reserving 2 tablespoons. Place the remaining sprinkles on top of the dip for decoration.
Serve immediately with fruit, graham crackers and other dippers.
