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Step 1
Make the simple syrup: Combine the water and sugar in a medium microwave-safe bowl. Heat in the microwave for 2 minutes at 100% power. Stir until the sugar is dissolved. If granules remain, heat at full power in 1-minute intervals thereafter until the sugar is melted. Stir in the coconut extract. Transfer the bowl to the refrigerator to cool. If you don’t have a microwave, the simple syrup can be made in a saucepan on the stove top.
Step 2
Bring the water to a boil in a large pot over high heat. Add the boba and cook for 7 minutes, stirring gently until the pearls float to the surface of the water. Cover the pot with a lid and cook for 3 more minutes. Remove the pot from the heat source and let it stand for 5 minutes. Drain the boba with a colander, and rinse them in cool water for 20 seconds. Remove the simple syrup from the refrigerator and transfer the boba to the simple syrup. Let stand until completely cool, about 1 hour. Or, speed cooling in the refrigerator, about 30 minutes.
Step 3
Place the buds in a large glass bowl or container and pour over the boiling water. Stir the buds around and then let steep uncovered for 10-15 minutes. When the liquid is deep sapphire blue, strain out the buds using a sieve and transfer the tea to the refrigerator to cool.
Step 4
Combine the coconut milk and sweetened condensed milk in a large glass measure. Whisk until completely smooth.
Step 5
Put as little or as much boba as you like in the bottom of a 12-ounce glass (I used about 1/4 cup per glass). Pour sweet coconut cream about 1/3 of the way up the glass. Add crushed ice and fill to the top. Pour the butterfly pea flower tea over the ice to fill to the top of the glass. Serve immediately with bubble tea straws or with spoons. Stir together before enjoying. Assemble more glasses as needed. Store the boba tea in its syrup in the refrigerator. Also store the coconut cream and butterfly pea flower in the refrigerator until ready to use.