I don't think any cream will work. But exercising will do the trick for sure. If you think about it, you're already making your boobs look perfect so why not add exercising to the equation?
This is what i found in a forum regarding armpit fat. Looks pretty promising
Ooh ooh- I have the perfect exercise for that!! Standing rows! Stand in front of a mirror so you can watch your form. Take two dumbells or a barbell with weights. Standing straight (very important!), shoulders back and knees bent slightly hold the weights in your hands in front of your thighs If holding dumbells- hold them as close as possible together, with the end part facing left/right- almost making a "bar" and if using a barbell hold it in the same way with your hands a few inches apart- whatever is comfortable. Pull bar/dumbells straight up so your elbows are pointed outward. The top of the motion is when the bar/dumbells are aligned with your elbows (so you could basically make a straight line with the bar/dumbells from one elbow to the other). Even though it's a called a "rowing" motion, make sure to keep the bar/dumbells as close to your chest as possible without actually touching your chest- should be a smooth glide up and down (although the boobs can get in the way from time to time, lol). Do 3 sets of 12-15 with a minute of rest between sets. Use a weight that is heavy enough where the last 3 reps are a challenge but not impossible.
If someone wants to really step it up and do this in a more challenging way- my old personal trainer made me do this- do the above exercise and then follow it up immediately with push ups. Try for 10. Then rest a minute and do the rows again. The first set of push ups ain't bad. The second set is a little oh goodness. By the time you get to the third set you are like oh lord!!! heh heh Push ups are great to add in after any upper body exercise though because they use so many muscles. Throw them in between curls, overhead press, tricepts- anywhere and they add a killer boost.
Anyways, I absolutely swear by this exercise and do it almost every time I am at the gym. The times when I take a hiatus from the gym I do notice a difference in my chest and see that little blub coming back over my strapless top. Then I go back to these and boom, gone!
Hope this helps