Heat oil in a pan at medium-high.
While the oil is heating, combine the cinnamon sugar in a small bowl and cut the tortillas into bite-sized pieces.
Once the oil is hot, add in 10-12 tortilla pieces into the oil. Flip every 3-minutes, or until both sides are lightly golden brown.
Transfer pieces onto a cooling rack and immediately coat in cinnamon and sugar. You'll want to do this while the chips are still covered in oil. *warning, it's going to be hot.
Continue until all of the tortilla pieces are delicious cinnamon chips!
For the icing, mix the cream cheese with the vanilla. Slowly mix the powdered sugar.
Serve the icing with the chips and enjoy!
The chips can be left out unrefrigerated (and still stay crispy!)