Place peanut oil in a medium saucepan. Add shallots, separating the rings with your fingers. Turn the heat on to medium-high. Fry the shallots, stirring occasionally, until well browned. Remove shallots to a kitchen towel or paper towel lined plate, leaving the oil in the pan, and immediately sprinkle with a pinch of kosher salt. 

Place the rice in a large bowl and fill with cool water. Swirl the rice around with your hand until the water goes cloudy, carefully drain, and repeat 2 or 3 times, draining well after the last rinse. This helps remove the excess starch from the rice. 

Carefully add the drained rice to the saucepan (it may splatter if the oil is still hot), then add the peanut milk, water, and ½ t kosher salt. Bring to a boil, cover, lower heat and simmer until tender, about 15 minutes. Remove lid, and fluff rice with a fork, then stir in the chopped cilantro. Taste for seasoning and add more salt, if necessary. 

Serve rice with crispy shallots and chopped peanuts sprinkled over top.