Blend evaporated milk, rum, cream of coconut, sweetened condensed milk, coconut milk, water, nutmeg, 1 teaspoon cinnamon, and vanilla extract in a blender at high speed until creamy, about 3 minutes; pour into a glass pitcher.
Refrigerate coquito until chilled, at least 20 minutes. Pour into glasses and dust with cinnamon.
If to much liquid for the blender just put in a large bowl and whip all together.
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