Add the rice and water to a large pot. Bring to a boil. When about half of the water has evaporated, add the sugar, vanilla extract, and cinnamon stick.

Let it cook for about 3 minutes, then add the evaporated milk and sweetened condensed milk. Stir constantly over high heat. Continue stirring until the mixture has thickened and reduced by about half, then turn off the heat. Let it rest for 15 minutes before serving. Enjoy!

Tip: You can add raisins and ground cinnamon on top for decoration, or some chopped nuts. Many people enjoy this dish cold.