In a small saucepan over medium high heat, whisk together the 14 ounces coconut milk, 1/2 cup granulated sugar, 1 teaspoon cornstarch, and 1/2 teaspoon vanilla extract. Add 1/4 teaspoon coconut extract and a pinch of salt, if using.
Bring to a boil, then reduce heat to as low as it will go and simmer for about 15 minutes, stirring occasionally to ensure everything stays smooth. Syrup will thicken more as it cools.
Notes
Makes enough syrup for about 12 medium sized pancakes.