Soak the gelatin in a small bowl in 1/2 cup cold water.
Heat the sugar and 1/2 cup water in a small saucepan, stirring cccasionally, until the sugar dissolves. Add the gelatin mixture and bring to a boil. Remove from the heat.
Pour the hot syrup into the bowl of a stand mixer, add the vanilla, and whisk until snow white and cool, about 15 minutes.
Scoop into a storage container such as a glass jar or resealable gallow plastic bag. Store in the freezer, where it will remain soft and scoopable indefinitely. Don't try to keep it for more than 1 or 2 days at room temperature as it will then weep and disintegrate.
Great to top ice cream or put with peanut butter in a sandwich. Use as you would store Kraft Jet-Puffed Marshmallow Creme. Makes 2 1/2 cups.