Cream the butter, cream cheese, salt and pepper together with an electric mixer until smooth. Using a very small ice cream scoop, or melon baller, form 1-inch balls of butter mixture and arrange them on a parchment or waxed paper lined sheet pan. Freeze until solid. Coat the frozen balls in flour, egg, and then bread crumbs and freeze again until solid.
When ready to fry, preheat oil in a deep-fryer to 350 degrees F.
Fry balls for 10 to 15 seconds until just light golden. Drain on paper towels before serving.