"I love to take them out for ice cream," she says. "And when they get cranky I take them home!"

By Jeffrey Slonim
Updated May 22, 2010 11:25 AM
Marion Curtis/Startraks

Now that Candy Spelling has reconciled with daughter Tori Spelling, the producer of Broadway s Promises Promises is delighting in her new role as doting grandma.

“There is 3-year-old [Liam] and next month, Stella will be two,” Spelling told PEOPLE Friday at the Drama League awards ceremony and lunch in New York. “They’re the best gift ever.”

“I love to take them out for ice cream,” she shared, before admitting, “And when they get cranky … I take them home!”

“It is nice when they can be with Grandma when [Tori and husband Dean McDermott] want their time,” Spelling, 64, adds. “It gives them a break, and it builds [our] relationship. It s great.”

FAMILY PHOTO ALBUM: The Spelling-McDermotts
Spelling says her two grandchildren already have distinct personalities.

“Liam is much more quiet. If you tell him no, he knows that no is no,” she explains. “Stella is a rebel … and she s going to give Tori a little problem, I think!”