Melt margarine in a large saucepan over medium-low heat. Add onion and sauté until soft, about 5 minutes.

Add butternut squash, water, bouillon, marjoram, black pepper, and cayenne pepper. Bring to a boil, then reduce heat and simmer for 20 minutes, until squash is tender.

Purée the squash mixture and cream cheese in batches using a blender or food processor until smooth.

Return the puréed soup to the saucepan and cook until just heated through. Serve and ẹnoy!