2 (12 fluid ounce) cans evaporated milk
2 cups white rum
1 (14 ounce) can sweetened condensed milk
1 (14 ounce) can coconut milk
1/2 cup water
1 tablespoon ground nutmeg
1 tablespoon ground cinnamon, plus more for dusting
1 teaspoon vanilla extract
1 (14 ounce) can unsweetened coconut cream
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.