In a medium, heavy-bottomed saucepan, combine 1 can (or 1½ cups / 375 ml) of evaporated milk, the Redpath® Golden Yellow Sugar, cinnamon stick, salt, and ground nutmeg. Place over medium heat and bring to a simmer while constantly stirring. Simmer for 2 minutes, stirring constantly, to prevent milk from burning. Remove from heat and cover; infuse for 15 minutes. Place into the fridge to chill completely; 1 hour.
In a large pitcher, add the remaining can of evaporated milk, cream of coconut, rum, coconut milk, and vanilla extract.
Use a handheld immersion blender and blend the ingredients until well combined. Remove the cinnamon stick from the chilled evaporated milk mixture; discard. Add to the pitcher. Blend until mixture is homogeneous.
Cover pitcher and place it into the fridge to allow flavours to meld together and the Coquito to thicken; at least 4 hours.
Whisk well before serving. Serve chilled with desired garnishes. Store any leftovers in an airtight container for up to a month (alcohol version) or up to a week (non-alcoholic).