1
In a small pot, add water and cinnamon sticks, bring to a boil and cook for 10 minutes. Set aside and discard cinnamon sticks.
2
Place the rice and the cinnamon water in a large saucepan, over medium heat and cook for 5 minutes.
3
Add salt, butter, vanilla extract, 2 cups of milk, and sugar. Stir well to mix and cook uncovered for approximately 15 minutes.
4
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.
5
Stir well and remove from heat, and let it cool at room temperature. The consistency should be very creamy. Refrigerate for a least 1 hour or overnight.