In a pot over medium to medium-high heat, bring the rice, water, lemon peel, and cinnamon sticks to a boil. Then reduce to low heat, cover, and simmer for 10 minutes, or until the rice is tender.

Once the rice is tender, remove the lemon peel with a spoon.

Over low heat, gradually add the evaporated milk and sweetened condensed milk to the same pot, stirring constantly to prevent the rice from sticking.

Add the salt and vanilla extract, stirring constantly.

Continue cooking and stirring for about 7 to 10 minutes, until the mixture thickens to your desired consistency.

Remove from heat and let cool before covering and placing in the refrigerator.