For the pudding:
For the syrup:
1. In a medium bowl mix 1 cup of milk with cornstarch and rose water. Mix until smooth.
2. To a medium size pot pour 3 cups of milk and heavy cream. Add sugar and bring to a simmer, stirring constantly. Once the milk boils, turn the heat to low and add the cornstarch mixture. cook over low heat for 3-4 minutes, stirring constantly until the mixture begins to thicken.
3. pour into serving dishes. Cover immediately with plastic wrap and cool to room temperature, then refrigerate for at least 4 hours or overnight.
4. Make the syrup: in a pan over medium-high heat bring to a boil water, sugar and rose water. When boiling add food coloring. Let boil 2 more minutes and turn off the heat. Let cool completely.
5. When the malabi chilled pour 1-2 tbsp of the syrup on the malabi, add crushed peanuts or pistachios and shredded coconut (optional).