Preheat the oven to 375°F. Line a baking sheet with parchment paper.
In a large bowl, whisk together the flour, baking powder, salt, and granulated sugar.
In another bowl, beat the softened butter, cream cheese, and vanilla extract until smooth and creamy.
Gradually add the dry ingredients to the wet mixture, stirring until a dough forms.
Turn the dough out onto a lightly floured surface and roll it into a rectangle, about 1/4 inch thick.
Spread the strawberry jam evenly over the dough, leaving a small border around the edges.
Sprinkle the mini chocolate chips and sliced strawberries over the jam.
Starting from one long side, carefully roll the dough into a tight log.
Slice the log into 1-inch thick pinwheels and place them on the prepared baking sheet.
Bake for 15-18 minutes or until golden brown. Allow to cool slightly.
In a small bowl, mix the powdered sugar with a splash of water to create a glaze. Drizzle the glaze over the warm pinwheels and top with rainbow sprinkles.