How to make the Coquito – Boil the Cinnamon sticks in the Water. Take the sticks out when the Water is yellow and has the smell and taste of Cinnamon. Add the Evaporated Milk, Condensed Milk and Egg Yolks and cook at low temperature. While it’s cooking stir to avoid it sticking to the bottom of the pot. When it is boiling for a few minutes, add the Cream of Coconut and Rum. Stir well and take off the burner. Let it cool and it will be ready. Keep it in the refrigerator and it will last for a very long time.