1Heat oven to 400°F. Spray cookie sheet with cooking spray. In 8-inch skillet, melt 1 tablespoon butter over medium heat. Cook walnuts in butter, stirring frequently, until golden brown; remove from heat.
2Place 1 sheet of phyllo pastry on cutting board; lightly brush with some of the melted butter. Place another sheet of phyllo on top; lightly brush with some of the melted butter. Place remaining sheet of phyllo crosswise over first two sheets; brush lightly with some of the remaining butter.
3Remove paper from cheese; leave rind on. Place cheese round on center of phyllo sheets. Spoon fig preserves and walnuts over cheese. With both hands, lift phyllo stack towards center and twist in center to make bundle (sheets may tear a little). Brush with remaining butter. Place on cookie sheet. If desired, cut shapes from remaining phyllo dough scraps. Place on top of dough; press lightly to secure.
4Bake 15 to 20 minutes or until golden brown. Cool on cookie sheet on wire rack 15 minutes before serving. Serve with crackers and additional preserves, if desired.