In a large saucepan over medium-high heat, heat olive oil and saute the chopped onion for 3 minutes, until translucent. Stir in garlic and cook for an additional minute. Add tomatoes and basil, bringing to a boil. Stir in cream cheese until melted.
Place mixture in a blender or food processor and blend until smooth. Return to saucepan and stir in milk, salt and pepper. Return to medium-high heat and cook for 2 minutes. Serve with toasted bread or a sandwich, enjoy!