Preheat a pan on medium heat, dry, no oil or grease of any sort.
Add the coconut flakes, spread them evenly. Toast the coconut flakes, stirring often until golden brown.
In a small sauce pot, combine condensed milk and cream of coconut, stir well. Add the toasted coconut flakes to the pot. Cook the mixture, on medium heat while stirring often, for about 15 minutes.
Transfer the mixture into a blender or a food processor. Since it's hot, you will want to make sure that the steam has somewhere to escape, so leave a crack in a pour spout. Blend well.
If there are still small grains of coconut left, pour the syrup through a sifter. You will want to use a rubber spatula to stir the syrup while pouring in the sifter since it's thick. (Use the leftover coconut in pancakes, waffles of cookies)