Heat olive oil in a large pot over medium heat. Add the chopped onion and minced garlic. Sauté until the onion is translucent and softened, about 3-4 minutes.

Add the diced butternut squash to the pot. Stir well and allow it to cook for about 5 minutes.

Pour in the vegetable broth, ensuring it covers the squash. Bring to a boil, then reduce heat and let it simmer until the squash is tender, around 15-20 minutes.

Stir in the pumpkin puree, coconut milk, ground cinnamon, nutmeg, salt, and pepper. Simmer for another 5 minutes.

Using an immersion blender, puree the soup until smooth. Adjust seasoning if necessary.

Remove from heat and serve warm. Garnish with a sprinkle of cinnamon or cracked pepper if desired.