Scoop the vanilla ice cream into 4 equally sized balls, about 1 cup each, and place them on a baking sheet lined with plastic wrap. Freeze for at least 2 hours or until firm.
In a mixing bowl, combine the crushed cornflakes and ground cinnamon. Set aside.
In another bowl, whisk together the flour, eggs, milk, and sugar until smooth to create a batter.
Once the ice cream balls are frozen, heat the vegetable oil in a deep fryer or large pot to 375°F (190°C).
Quickly dip each ice cream ball into the batter, ensuring that it is fully coated.
Immediately roll the coated ice cream in the cinnamon cornflake mixture, pressing gently to help it adhere.
Carefully place the coated ice cream balls into the hot oil, frying one or two at a time to avoid overcrowding. Fry for about 30 seconds or until golden brown.
Use a slotted spoon to remove the fried ice cream and drain on paper towels.
Serve immediately, garnished with whipped cream and drizzled with chocolate or caramel sauce.