Using a large saucepan, add milk and heavy cream. Place over medium heat, stirring occasionally, until hot but not boiling. (Tip: Look for little bubbles to form around edge of pan.)

Meanwhile, using an electric mixer with a whisk attachment, beat the egg yolks and sugar for 4-5 minutes, or until tripled in volume. Reduce speed to medium-low and drizzle in olive oil and vanilla extract. Continue mixing until well combined.

Next, add half of the milk in ¼ cup increments, mixing after each addition. Pour yolk mixture back into saucepan with remaining milk; stir until well combined. Heat over medium heat, stirring often, until mixture coats back of a wooden spoon. (Tip: The temperature should be ~175°F if you have a candy thermometer.)

Push mixture through a fine-mesh sieve into a clean bowl. Press plastic wrap to top of bowl and refrigerate for 2 hours or overnight.

Pour mixture into an ice cream maker and freeze according to the manufacturer's directions.

Transfer gelato into a smaller container and freeze until firm (~3 hours).

Before serving, top with fresh strawberries and drizzle with balsamic reduction.