In a medium saucepan, combine the water, 1 cup of sugar, and the vegetable oil. Bring the mixture to a gentle boil over medium heat, stirring occasionally. Once boiling, remove from heat and whisk in the all-purpose flour until well combined and a dough forms.
Allow the dough to cool for a few minutes, then transfer it to a piping bag fitted with a star tip. Line a baking sheet with parchment paper. Pipe long strips of dough (about 6 inches) onto the sheet.
In a heavy-bottomed pot, heat about 2 inches of vegetable oil over medium-high heat until it reaches 350°F (175°C). Use a thermometer for accurate temperature.
Carefully drop a few churros into the hot oil, making sure not to overcrowd the pot. Fry until they are golden brown, about 2-3 minutes on each side. Use a slotted spoon to remove them and transfer to the paper towel-lined plate to drain.
In a shallow bowl, mix the remaining 3 tablespoons of sugar with the cinnamon. While the churros are still warm, roll them in the cinnamon sugar mixture to coat completely.
In a small saucepan over low heat, combine the coconut cream and chopped chocolate. Stir until melted and smooth. Remove from heat and let cool slightly before serving.
Serve the churros warm with the chocolate dip on the side. Enjoy the crispy, cinnamon-sugar goodness!