To large saucepan set over medium-high heat, add 2 cups water; bring to a boil. Stir in rice, coconut milk, sugar, coconut oil and salt. Bring back to a boil.
Reduce heat to medium-low. Cook at a bare simmer, stirring frequently, for 30 to 35 minutes or until rice is very tender and mixture has thickened. Stir in vanilla.
Sprinkle with toasted coconut and cinnamon and serve warm. (Alternatively, cool in refrigerator until well chilled and serve cold, sprinkled with coconut and cinnamon just before serving.)
Recipe Tips: Top also with chopped tropical fruit, such as banana, pineapple or mango, and accent with a little freshly grated lime zest.
Substitute organic cane sugar with coconut sugar if preferred.