In a medium saucepan mix milk and Harina P.A.N until smooth and no lumps. Add coconut milk and mix well until smooth.
Turn the heat on to medium and let the mixture come to a boil, stirring constantly. Add sugar, papelon, coconut flakes, sweetened condensed milk, nutmeg, cinnamon sticks, and salt; stir to combine. Reduce heat to low and simmer for 4 - 5 minutes.
Remove the cinnamon sticks and discard.
Transfer mixture to a big bowl, or several individual bowls. Refrigerate for at least 3 hours, or until set and firm.
When ready to serve, sprinkle with more coconut flakes and ground cinnamon on top, if desired. Serve cool.
Optional to serve: add a little bit of sugar, about 1/2 teaspoon, over the tops of the majaretes. Using a torch, melt the sugar and form a crispy top.