I feel really compelled to add this.. The sugars in the milk can cause cavities. It is recommended that babies and children aren't given milk before or during sleep; they should have the teeth brushed (gums for babies) before bed, and after that nothing but water should be given. It can be very serious; children can lose a lot of teeth that way and they won't get them back for years when the adult ones come in.
As for the waking issue, my son is 2 and co-slept with us until about a month ago. He now goes to sleep in his own bed, but still wakes up throughout the night. He usually comes in our bed, and I love that! :) I know not everyone feels the same way about family beds, but they will grow out of it when they're ready. He most recently comes to wake us and ask for us to put him back to sleep in his own bed. I'm taking advantages of the snuggles for now!