In small saucepan, combine coconut water and granulated sugar. Cook over medium heat, stirring occasionally, until sugar dissolves. Remove from heat.

In blender, blend coconut milk and coconut cream on high speed until smooth and creamy. Add sugar syrup and mix briefly to combine.

Pour into large bowl. Cover and refrigerate, at least 6-8 hours or overnight.

Briskly whisk chilled mixture. Pour into ice cream maker with bowl frozen according to manufacturer's instructions. Churn until thickened, about 15 minutes.

Transfer to freezer-safe container. Freeze 4-6 hours prior to serving.

Scoop into bowls. Garnish with shredded coconut, fresh fruit, mint leaves or other toppings as desired.

Store leftovers in freezer for up to 2 weeks.