A HelpDesk Answer published in Evidence-Based Practice, March 2010. Dr. Julia Fashner updates the February 2004 Clinical Inquiry in American Family Physician, 2004; 69(4):909–910.  Dr. Fashner answers the question posed:

Yes. The use of EMLA cream does decrease pain, but it is likely that a dorsal penile nerve block (DPNB) does an even better job. Neither will completely eliminate the discomfort of the procedure [infant circumcision].