Slice the vanilla bean lengthwise and scrape out the seeds. Set the seeds aside; you won't need the pod for this recipe. Tip: Mix the vanilla seeds with a little sugar to help them disperse more evenly in the cream.
Whip the cold heavy cream until stiff peaks form. It's important that both the bowl and whisk are cold to ensure the cream whips up quickly and stably.
In a bowl, combine the sweetened condensed milk, sugar, vanilla extract, and the vanilla seeds scraped from the bean. Mix until you achieve a smooth, creamy consistency.
Gently fold the whipped cream into the vanilla mixture. Be careful not to overmix; fold just until the mixture is uniformly light and airy.
Pour the mixture into molds or a larger container. Smooth the top, cover with plastic wrap, and place in the freezer for at least 6 hours, or preferably overnight.
Remove from the freezer 5-10 minutes before serving to allow it to soften slightly for easier scooping. Serve with a dollop of whipped cream and garnish with a vanilla bean (for decoration only, not edible).
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