Drain and rinse the soaked cashews. Add them to a high-speed blender along with the fresh water, coconut oil and vanilla. Blend on high speed for a few minutes or until you have a "cream"-like liquid. Store in a pint jar. This recipe yields slightly more than 2 cups.
Note: If you do not have a high-speed blender like a Vitamix, you may need to strain the liquid through a nut milk bag after blending.