Step 1

In a large bowl, beat the butter and cream cheese at medium speed with an electric mixer until creamy. Gradually add the powdered sugar, beating at low speed until blended. Increase the speed to medium, and slowly add the cream of coconut and vanilla, beating until smooth.

Step 2

Spread onto cupcakes or cake.  You can try to use a piping bag, but it's a pretty soft frosting so it may or may not pipe very well.  Keep refrigerated until ready to serve.