Bring the milk to a boil in a medium-size saucepan. Add the cereal and mix well with a spoon. Remove from the heat, add the sugar and stir for 30 seconds to dissolve. Cover and let stand for 3 minutes, allowing the cereal to thicken.
Place the ricotta and rose water in a large bowl and combine well with the cereal mixture. Set aside.
Unroll the phyllo dough on a countertop and gently smooth out with dry hands. With a kitchen scissors or very sharp knife, cut the phyllo in half widthwise – along the short end. Reroll one half and securely wrap in a plastic bag, plastic wrap, or aluminum foil (phyllo will keep up to 1 week in the refrigerator; do not refreeze).
Cut the remaining half lengthwise into 3 equal strips 3 inches wide and about 12 inches long. Place the strips on top of each other to form one stack and cover with a damp towel to keep moist.
Preheat the oven to 300 degrees for 15 minutes. Combine the butter and oil.
Working with one strip of dough at a time, gently peel off a single layer of phyllo and place it vertically before you on a clean work surface. Re-cover the stack of phyllo with a damp towel. Using a pastry brush, coat the entire strip lightly with the butter-oil mixture.
In the bottom left corner, about half an inch from the left and bottom, place 1 teaspoon of the ricotta filling. Fold the bottom right corner over the filling to the leftmost side to form your first triangle shape. Continue to fold the triangle onto itself until you reach the end, brushing with the butter-oil mixture if the phyllo appears dry and cracks while folding.
Brush the surface and loose edge with the butter-oil mixture. (You may freeze the triangles at this point for up to 3 weeks by gently placing them in a large tin or tightly sealed plastic container in layers, separated by plastic wrap or wax paper. The frozen triangles can be placed directly in the oven.) Place the triangles on an ungreased baking sheet about 1 inch apart.
Bake until slightly brown and crisp, 12-15 minutes (15-20 minutes for frozen triangles). Serve warm or at room temperature on a large platter, sprinkled with cinnamon and drizzled with syrup. These will keep, refrigerated, for up to 3 days. Reheat in the oven for 3 to 4 minutes before serving.