In a saucepan, combine the milk, water, sugar, and cinnamon stick. Split the vanilla bean in half and add the seeds. Add the vanilla pod and lemon peel for extra flavor.

Reduce the heat and simmer for 40-45 minutes. The mixture will remain a bit liquid, but that's fine—it will thicken as it cools.

Remove the cinnamon stick, lemon peel, and vanilla pod. Divide the mixture into 6 bowls.

Before serving, sprinkle each bowl with ground cinnamon. Enjoy!