Combine 500 ml of milk, 80 g of sugar, and vanilla in a saucepan.
Heat over medium heat, stirring with a spatula until the milk thickens and reduces in volume. Allow it to cool (this will give you condensed milk).
Whip the cold whipping cream until creamy, then add the cooled condensed milk and mix again with an electric mixer. Add the cold milk. Finally, stir in 2-3 tablespoons of jam, and if desired, you can also add a bit of coloring.
Place the mixture in an airtight container and freeze for about 4 hours until solid.
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