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In a large saucepan, saute onions in olive oil until tender.
Add squash, water, bouillon, marjoram, black pepper and cayenne pepper. Bring to boil; cook 20 minutes, or until squash is tender.
Puree squash and cream cheese in a blender or food processor in batches until smooth. Return to saucepan, and heat through. Do not allow to boil.