Heat the heavy cream and sugar in a saucepan. Once the sugar is dissolved, remove from heat and stir in the vanilla extract. Lightly oil eight custard cups with a neutral-tasting oil. Sprinkle the gelatin over the cold water in a medium-sized bowl and let stand 5 to 10 minutes. Pour the very warm Panna Cotta mixture over the gelatin and stir until the gelatin is completely dissolved.

Divide the Panna Cotta mixture into the prepared cups, then chill them until firm, which will take at least two hours.

Garnish with some shaved chocolate and serve!