1. In small saucepan, blend gelatin, sugar and milk. Place over very low heat just until gelatin is dissolved. Cool slightly; stir in vanilla extract. Pour into medium bowl.
2. Chill until mixture is consistency of unbeaten egg whites, about 30 minutes. Add ice milk; using electric mixer at high speed, beat until foamy.
3. Alternate layers of vanilla mixture, bananas and peanuts in 4 large parfait glasses. Chill 1 hour longer.