Wash the beets and slice off the ends. Boil in a sauce pot over medium heat for 20-25 minutes, or until the beets can be easily pierced with a fork. Drain and cool the beets, then using gloves or a paper towel, peel the skin off the beets. Cut the beets into 1 inch pieces and puree with 2 tablespoons of water in a blender or food processor until smooth. Measure 1/2 cup of the beet puree, set aside.
In a medium bowl, whisk together the pancake mix and cocoa powder, set aside.
In a large bowl, using a hand blender, mix the egg yolks then slowly add the melted butter, beet puree and buttermilk. With the blender on low speed, add the dry ingredients and mix until fully incorporated.
In a small bowl, beat the egg whites until stiff peaks form. Using a spatula, fold the egg whites into the batter. Cook waffles according to the directions on your waffle iron.
To make the glaze, beat the softened cream cheese in a small bowl until smooth and creamy. Slowly begin adding the glaze mix and milk to the cream cheese, alternating between each. Blend until smooth and pourable.
Spoon glaze over warm waffles and serve immediately.