1/1/2016 5:30:00 AM to Jan 16 and then Sort (problem with sorting new date)

instead of sorting column B try to sort Column A

or use formula as
=TEXT(A2,"mmmm - yy")+0 and sort on column B

Or in B1 type = A1 and then go to formatting select Custom and set formatting to MMMM - YY and sort on column B

If you just sort on column A, you will get the data in DATE order which, by default, will sort the data into month and year order.

Then, as has been suggested by hemesh, you can have a second column with the date formatted as you wish.

See the updated sample workbook.

Regards, TMS

Can I create just a new date variable using my old (long date variable) and the sort my new date?

No, not really, not using TEXT. TEXT creates a text string which, in this case, contains a month name and a couple of digits for the year. You will not be able to sort that column into anything like a date order as it will sort alphabetically.

The example uploaded simply refers to your original long date but formats it using a Custom Format to show the data (date) as just a month and year.

Regards, TMS

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I'm not sure what's wrong with his title:

Re: 1/1/2016 5:30:00 AM to Jan 16 and then Sort (problem with sorting new date)

He has an existing long date and time and wants to "extract" the month and year and sort it ... and he has a problem sorting it. Seems to describe the problem, and there's no hint of a solution.

I understand all that and have made a suggestion, which, admittedly, the OP seems to be struggling with. And I can't explain it any differently or offer any other alternative approach so I'll be dropping out.

I give up.

No idea what that means.

No words. Sorry if I have offended you.