Line the bottom and sides of an 8x4-in. loaf pan with foil, coat the foil with cooking spray. Set aside. Drain pineapple, reserving juice; set pineapple aside. Sprinkle gelatin over 1/4 cup of the pineapple juice; set aside.
In a saucepan, combine the jelly and remaining pineapple juice. Cook and stir until mixture comes to a boil. Remove from the heat; stir in gelatin mixture until dissolved. Stir in pineapple and food coloring if desired. Refrigerate until syrupy.
In a small bowl, beat cream until soft peaks form. Add confectioners' sugar; beat until stiff peaks form. Fold into gelatin mixture. Pour into prepared pan. Freeze until firm.
Remove from the freezer 10-15 minutes before serving. Using foil, remove loaf from pan. Carefully peal off foil and discard. Using a serrated knife, cut salad into slices.