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1
Make the sauce: Cook the condensed milk in a medium saucepan over medium heat, stirring constantly, until it turns a light caramel color and starts to pull away from the sides of the pan, 10 to 15 minutes.
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2
Gradually add the coconut milk and whisk until smooth, about 5 minutes; set aside.
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3
(You can refrigerate the sauce, covered, up to 2 days; reheat before serving.)
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4
Make the churros: Bring the milk, butter, sugar, vanilla and salt to a boil in a medium saucepan over medium-high heat, stirring, until the butter melts and the sugar dissolves.
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5
Reduce the heat to medium low; add the flour and stir vigorously with a wooden spoon until the mixture gathers into a glossy ball, about 1 minute.
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6
Transfer to a large bowl and let cool slightly, about 5 minutes.
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7
Beat in the eggs one at a time with a mixer.
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8
Transfer the batter to a piping bag fitted with a 1/2-inch star tip.
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9
Fill a shallow dish with sugar for coating the churros (about 1/2 cup).
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10
Heat about 2 inches vegetable oil in a wide saucepan until a deep-fry thermometer registers 350 degrees F. Working in batches of about 6, pipe 3-inch-long segments of batter into the hot oil; use a knife to cut off the segments.
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11
Fry, turning once, until golden brown, about 3 minutes per batch.
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12
(Return the oil to 350degrees F between batches.)
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13
Transfer to a paper towel-lined plate to drain briefly, then roll in the sugar.
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14
Serve with the coconut sauce.
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15
Photograph by Yunhee Kim