Combine the cashews and water in a blender and process until creamy. Add the coconut milk, sugar, cocoa powder, cinnamon and cayenne pepper then blend again briefly. Pour the mixture into popsicle molds, cover and freeze for 3-4 hours.
Once partially frozen insert cinnamon sticks for handles and sprinkle mini chocolate chips on the bottom, pressing lightly to secure if desired. Keep for up to 2 months in the freezer.