In a small saucepan, bring the rhubarb, water and 2 tablespoons sugar to a boil. Reduce heat; simmer, uncovered, for 6-8 minutes or until rhubarb is tender. Cool slightly. Cover and refrigerate 1/3 cup rhubarb liquid for glaze.

Place rhubarb and remaining liquid in a blender; cover and process until pureed. Return to saucepan. Bring to a boil; stir in gelatin until dissolved. Refrigerate for at least 15 minutes or until slightly thickened.

Meanwhile, in a large bowl, beat cream until it begins to thicken. Add vanilla; beat until stiff peaks form. Fold whipped cream into rhubarb mixture.

Arrange half of the ladyfingers on the bottom of an ungreased 6-in. springform pan. Spread half of the rhubarb mixture into pan. Arrange remaining ladyfingers over rhubarb mixture; carefully spread with remaining rhubarb mixture. Refrigerate for 8 hours or overnight.