Prepare the Coconut: Select a fresh coconut and drain the water. Cut in half and chop the flesh into small pieces.

Blend the Ingredients: Combine the chopped coconut, coconut water, water, sweetened condensed milk, evaporated milk, and vanilla extract in a blender. Blend until smooth.

Strain the Mixture: Pour half of the mixture into a sieve over a pitcher and press to strain.

Combine and Adjust Consistency: Add the remaining water to the strained mixture and stir, adjusting thickness as needed.

Serve and Garnish: Fill glasses with ice, pour the Coconut Cooler over, and garnish with coconut slices or mint leaves.