I just made my own cholado and it tastes GREAT. Granted, I made mine in a bowl, not a plastic cup, and I swapped the shaved ice for frozen mango (I didn’t want to break out the Cuisinart), but it is pretty damn close to what my local Colombian videostore/dessert stand El Palacio de Cholados serves up.
For you adventurous types, here’s a rough approximation of how to make a cholado at home: