Using a 1/2 cup ice cream scoop, place 8 scoops of ice cream on a baking sheet. Cover and freeze for 2 hours or until firm.
In a bowl, combine whipping cream and vanilla extract
In another bowl, combine coconut, cornflakes and cinnamon.
Remove ice cream from freezer; wearing plastic gloves, shape ice cream into balls. Dip balls into whipping cream mixture, then roll in coconut mixture, making sure to coat entire surface.
Place coated balls on a baking sheet, cover and freeze for at least 3 hours or until firm.
Meanwhile, make Caramel Sauce.
Heat oil in an electric skillet or deep fat fryer to 375 degrees F.
Fry ice cream balls until golden, about 30 seconds.
Drain on paper towels.
Serve immediately with whipped cream, if desired, and Caramel Sauce.
Caramel Sauce
Heat sugar in a heavy saucepan over medium heat until partially melted and golden, stirring occasionally.
Add butter.
Gradually add milk, stirring constantly.
Cook and stir for 8 minutes, or until sauce is thick and golden; keep warm.