Preheat oven to 300 degrees.

In a large bowl, beat cream cheese until fluffy. Gradually add the sweetened condensed milk, and beat until smooth. Add the egg and 3 Tbsp. lemon juice. Beat well to combine.

Pour about 1/2 of the batter into the pie crust. Combine remaining 2 tsp. lemon juice with the preserves (you can do this right in the measuring cup if you used a 2 c. measuring cup). Spoon half the preserves over the batter and try to spread evenly over top of the cream cheese mixture.

Pour the remaining cream cheese mix on the top. Add the remaining preserves, and using a knife, swirl into a decorative pattern on the top.

Bake for 45 minutes. Check for doneness. (It will be slightly soft in the middle but will firm up with refrigeration). If it still seems too soft, continue baking in 5 minute increments until set. Cool at room temperature, and then refrigerate. Top with a dollop of whipped topping for serving. Keep leftovers refrigerated.