Arroz con Leche is one of my favorite desserts. This version is sweet, and creamy.
The rice pudding will thicken more as it cools, so be careful not to overcook.
Take a small pot and add water and cinnamon sticks, bring to a boil and cook for 10 minutes. Set aside.
In a large saucepan, over medium heat place the rice and the cinnamon water and cook for 5 minutes.
Add salt, butter, vanilla extract, 2 cups of milk, and sugar. Stir well to mix and cook uncovered for approximately 15 minutes.
Reduce heat to medium low. Add the remaining milk and condensed milk. Stir with a wooden spoon. Cook for 1 hour and 15 minutes, or until the rice pudding thickens to desire consistency.