Heat a large heavy saucepan over medium-high heat. Add oil to pan: swirl to coat.
Add shallots: sauté 3 minutes or until softened, stirring occasionally.
Add 2 cups water, lite coconut milk, salt, red pepper, and squash; bring to a boil.
Cover, reduce heat, and simmer 20 minutes or until squash is tender stirring occasionally.
Place squash mixture in a blender. Remove center piece of blender lid ( to allow steam to escape); secure blender lid on blender.
Place a clean towel over opening in blender lid (to avoid splatters).
Blend until smooth. Stir in juice. Garnish with additional pepper and cilantro leaves, if desired.