SPRINKLE gelatin over water in a medium saucepan; let stand for 1 minute. Stir over low heat until gelatin is dissolved; stir in SPLENDA® Sugar Blend for Baking. Stir in evaporated milk. Continue stirring over medium heat until milk is steaming hot (do not boil).
POUR into blender container; add morsels and vanilla extract. Cover; blend on low speed until smooth. Pour into small mixer bowl. Refrigerate, stirring occasionally, until mixture mounds from a spoon.
BEAT on high speed for 1 to 2 minutes or until thick and light in color. Spoon into serving dishes; refrigerate until ready to serve.
* NOTE: May substitute SPLENDA® Sugar Blend for Baking with 2 tablespoons granulated sugar.