POUR 1/2 cup evaporated milk into medium mixer bowl; place beaters into mixture. Freeze for about 30 minutes or until ice crystals form around edge of bowl.
HEAT remaining evaporated milk, water, morsels, 1 teaspoon vanilla extract, 1/2 teaspoon cinnamon and a pinch of cayenne pepper in medium saucepan over low heat, stirring frequently, until melted. Do not boil. Set aside.
REMOVE chilled evaporated milk from freezer. Beat on high speed for 1 minute or until very frothy. Add remaining vanilla extract, remaining cinnamon and a pinch of cayenne pepper. Continue beating for 3 to 4 minutes or until mixture forms soft peaks.
POUR hot chocolate into eight 4-ounce demitasse cups and immediately dollop with foam topping.