Heat all ingredients except papaya to boiling in 2-quart saucepan, stirring once or twice; reduce heat. Cover and simmer 19 minutes (do not lift cover or stir); remove from heat. Fluff rice lightly with fork. Cover and let steam 5 to 10 minutes.
Mash half of the papaya. Reserve 2 tablespoons chopped papaya. Stir mashed papaya and remaining chopped papaya into rice. Heat, stirring occasionally, until mixture is hot. Sprinkle with reserved papaya and, if desired, additional cinnamon.
If you’re in the mood to experiment, go ahead and replace the papaya with an equal amount of chopped mango.