For the waffles: Toss together the zucchini and carrots in a bowl. Mix the flour, baking powder, cinnamon, nutmeg and salt in a separate bowl, then toss with the zucchini and carrots to coat them.
In a separate pitcher, mix the buttermilk, melted butter, granulated sugar, vanilla and eggs. Pour the buttermilk mixture over the zucchini mixture, stirring gently.
For the syrup: Mix together the cream cheese, powdered sugar, maple syrup and vanilla in a bowl. Add enough milk to thin it to a syrup texture. Set aside. (If your syrup is lumpy, you can strain it for a smoother finish.)
Spray the waffle iron with nonstick cooking spray and scoop in the batter. Cook until golden, about 5 minutes depending on your waffle iron. Repeat with the remaining batter.
Serve the waffles drizzled with the cream cheese syrup.