These two products are very similar, the coconut milk is the liquid extracted from the coconut flesh. Where as the coconut cream is the fatty coconut part that separates from the coconut milk much like normal cows milk would. Coconut cream in the can has the fatty coconut cream layer on top with the coconut milk at the bottom.
How to make Coconut Cream and Coconut Milk
Coconut cream can be made on-board by simply simmering one part shredded coconut with one part water until frothy, allow to cool slightly. Strain the coconut and water through a cheesecloth, squeeze the mixture tightly and several times to extract as much of the liquid as possible. There you have coconut milk.
Place in the refrigerator for a couple of hours to set, the coconut cream will rise to the top of the milk. There you have coconut cream.
Cream of Coconut which is found in the same place in the supermarket especially in the tropical countries of Tahiti and the Caribbean is sweetened coconut this is used for cocktails such as pina colada or for desserts.
Creamed Coconut is a block of compressed coconut.
Note: Shake a coconut cream can before opening to distribute the cream evenly.