Combine all ingredients in a medium pot and whisk together.
Turn the heat to medium and whisk until the coconut milk is fully combined with sugar and oil. Continue to cook, undisturbed, for 15 minutes, or until it's reduced by about half, thickened slightly and darkened in color. While cooking, if it comes close to bubbling over you can turn down the heat slightly.
Shut off heat, whisk together one more and let cool down.
Store in the refrigerator for 1-2 weeks. Use on ice cream, here or here.
For fully vegan, use maple syrup or coconut sugar for the sweetener and coconut oil.