Over low heat in a medium saucepan, heat the rhubarb with 1/2 cup sugar and 1 Tbsp lemon juice. Cook for 15 minutes or until rhubarb has softened. Remove from heat. Measure out 1/2 cup of cooked rhubarb and reserve. Scoop out 1/4 cup of the syrup from the bottom of the pot and reserve. If there isn't enough syrup, top up with water to make 1/4 cup.
In a saucepan, sprinkle the gelatin over the 1/4 cup rhubarb syrup and let bloom for 5 minutes. Add 1/2 cup of cooked rhubarb and cook, stirring constantly, until the gelatin has dissolved. Let cool and stir in the remaining 3/4 cups cooked rhubarb.
In a large bowl, whip the cream with the remaining sugar and the vanilla until stiff peaks form. Reserve 1 1/2 cups and set aside. Gently fold in the rhubarb mixture into the remaining cream, using a spatula. Set aside.