Place the water in a small bowl and sprinkle the gelatin evenly over top. Set it aside to bloom while you work on the rest of the recipe.
In a small saucepan, combine the cream and/or milk with the split vanilla beans, being sure to scrape all the seeds into the saucepan. Add the granulated sugar.
Heat the mixture on medium–low until it just begins to steam and is almost about to boil. Take the saucepan off the heat, and whisk in the bloomed gelatin mixture until it has completely dissolved. Let the mixture cool to room temperature before adding the vanilla extract.
Strain the mixture into 4 or 5 small ramekins or glasses, and transfer to the fridge to chill overnight.
Enjoy as is, or top with a dollop or two of your favorite jam.