Meanwhile, in microwavable bowl, heat sugar and coconut oil uncovered on High until oil has melted and sugar has softened, about 1 minute. In food processor or blender, place sugar mixture and remaining Frosting ingredients. Cover; process 1 to 2 minutes, stopping to scrape down sides once or twice, until frosting is smooth. If frosting appears too thick, add a bit of water to thin it to desired consistency. Frosting is ready to spread immediately but can be refrigerated if needed, and then stirred to spreading consistency.