Pour the cold heavy cream into a large bowl. Beat with an electric mixer on medium-high speed until stiff peaks form, about 3-4 minutes. The cream should hold its shape when you lift the beaters. Do not overbeat or it will turn grainy.

In a separate bowl, stir together the sweetened condensed milk, cotton candy flavoring, vanilla extract, and salt until completely smooth. Taste and add a few more drops of flavoring if you want a stronger cotton candy punch.

Gently fold about one-third of the whipped cream into the condensed milk mixture to lighten it. Then fold in the remaining whipped cream in two additions, using a rubber spatula and a light hand. Stop when no streaks remain but the mixture is still airy.

Split the base evenly between two bowls. Add pink gel coloring to one and blue to the other. Fold each just 2-3 times to create a swirl effect without fully blending the color throughout. You want ribbons of color, not solid pink or blue.

Alternating spoonfuls, dollop the pink and blue mixtures into a 9x5-inch loaf pan. Drag a knife through once or twice to create a loose swirl pattern on top. Smooth the surface gently.

Cover tightly with plastic wrap or foil. Freeze for at least 8 hours or overnight until completely firm. The ice cream will be scoopable straight from the freezer thanks to the high fat content.

Scoop into bowls or cones and top with a small tuft of fresh cotton candy just before serving. The cotton candy dissolves quickly on contact with the cold ice cream, so add it at the last second for that magical fairground moment.