Having done a bit more digging are we talking about the clear liquid from the Nut ? This is Coconut water, not milk. The milk is made from the flesh and the water pulped together and then strained to give a milk like substance. Dug up some information about this.
An extract or two:
If you've ever opened a fresh coconut, you will have seen the thin, opaque almost clear coconut juice or water which has a slight almond flavor. Contrary to popular belief, this is not the coconut milk. However, the water is consumed as a drink fresh from the coconut by many, and it can also be used in recipes.
AND
Coconut Water is More Nutritious than whole milk - Less fat and NO cholesterol!
Coconut Water is More Healthy than Orange Juice - Much lower calories
Coconut Water is Better than processed baby milk- It contains lauric acid, which is present in human mother's milk
Coconut water is naturally sterile -- Water permeates though the filtering husk!
Coconut water is a universal donor-- Its identical to human blood plasma
Coconut Water is a Natural Isotonic Beverage - The same level we have in our blood.
Coconut water has saved lives in 3rd world countries thru Coconut IV.
Here is the link to the whole article.
http://www.living-foods.com/articles/coconutwater.html
Sounds good to me , whether it's called Milk or Water.....go for it !