Source: Chef Eddie Matney - Eddie Matney's - azfamily.com

2 cups cream cheese, softened
1 cup granulated sugar
2 tablespoons watermelon juice
2 tablespoons Torani watermelon syrup or
    1 tablespoon watermelon extract
1 drop red food color
1 cup heavy cream
1 1/2 cups graham cracker crumbs
1/4 cup brown sugar
1/2 cup butter, melted

Using a stand mixer, cream together the sugar and cream cheese until smooth. Mix in watermelon juice, watermelon flavoring and food color; set aside.

Whip heavy cream to stiff peaks; gently fold into the cream cheese mixture. Make crust out of remaining ingredients; press into individual pans or a springform pan. Fill pan cheesecake mixture; freeze 2 hours, then transfer to the refrigerator. Top with watermelon Fresca.

Watermelon Fresca
2 cups watermelon, diced
1 tablespoon mint, chopped
3 tablespoons lime juice
1 teaspoon watermelon flavoring
1 tablespoon sugar

Combine ingredients; refrigerate until ready to use.