In a saucepan, heat the cream and sugar over medium heat. Split the vanilla bean and scrape the seeds into the mixture (or add vanilla extract). Bring to a simmer, stirring to dissolve the sugar.
In a small bowl, sprinkle the gelatin over cold water and let it stand for 5-10 minutes to soften.
Remove the cream mixture from heat and stir in the gelatin until completely dissolved.
Pour the mixture into ramekins or serving glasses. Let cool to room temperature, then refrigerate for at least 4 hours until set.