In a large bowl, using an electric mixer, beat butter, sugar and vanilla together until pale and creamy.
Pour in condensed milk, beating well. Fold in flour until well combined. Divide dough mixture into 3 equal pieces.
Roll one piece dough into a 20 cm-long log. Wrap log in baking paper and chill until firm (or freeze, see tip). Repeat with remaining dough, lightly kneading oats and cinnamon into one log and cherries and coconut into the other.
Preheat oven to moderate, 180 C. Line 2 oven trays (for each log) with baking paper.
Slice one log into 16 even slices. Arrange on trays, 4 cm apart. Bake 10 to 15 mins, until golden. Repeat with remaining logs. Cool on trays 5 mins before transferring to wire racks to cool completely. Store in an airtight container.
TIP: This dough is perfect to freeze – wrap logs in plastic wrap and then place in freezer bags. Slice as many biscuits as you require at any time from frozen log, then bake as directed. This way, you will never be short of freshly baked biscuits!
Photo: Rob Shaw/BauerSyndication.com.au