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1. Prepare the Pudding: In a bowl, whisk together sweetened condensed milk and cold water until smooth. Add the instant vanilla pudding mix and blend until fully combined. Cover and chill for at least 1 hour or until firm.
3. Prepare the Crumble Topping: Mix together butter, sugar, brown sugar, flour, and cinnamon until a crumbly texture forms. To avoid raw flour, heat the flour in a microwave-safe bowl in 30-second intervals until warm, about 90 seconds total.
4. Whip the Cream: In a stand mixer, whip the heavy cream until stiff peaks form. Gently fold the chilled pudding mixture into the whipped cream until well combined.
6. Chill and Serve: Cover and refrigerate for 4-6 hours to allow the flavors to meld and the Nilla wafers to soften. Serve chilled and savor!
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