Pour 1/4 cup milk in small bowl. Sprinkle the gelatin over the milk and soften five minutes.
Pour cream, remaining 1 cup milk and sugar in medium saucepan. Stir to combine. Warm up all ingredient but make sure they do not boil.
Remove from heat, add softened gelatin, stirring to combine thoroughly. Continue stirring until gelatin has dissolved. The mixture should be quite smooth.
Add the Limoncello, lemon extract and vanilla extract.
Set bowl over an ice bath. Stir frequently to promote even cooling until mixture develops the consistency of high-fat heavy cream.
Pour into serving glasses. Cover with plastic and refrigerate for 4 hours or overnight.
Garnish with anything that you prefer.