In a medium mixing bowl, combine 1 cup of chilled heavy cream, 1/4 cup of powdered sugar, and 1 teaspoon of vanilla extract. Using an electric mixer, beat on medium-high speed for about 5 minutes, until the cream forms stiff peaks. Cover with plastic wrap and refrigerate.

In a separate large bowl, beat 8 ounces of softened cream cheese with an electric mixer on medium speed until creamy and smooth, about 3 minutes.

Add 1 cup of Nutella and 2 tablespoons of unsweetened cocoa powder to the cream cheese mixture. Mix on low speed for about 2 minutes until well combined.

Gently fold in the whipped cream in three additions using a rubber spatula. Aim to keep the mixture light and airy.

Spoon the mousse into individual serving cups and optionally garnish with extra whipped cream and chocolate shavings. Cover with plastic wrap and chill in the refrigerator for at least 2 hours before serving.