Place water, rice, and a piece of cinnamon in a medium saucepan.

Turn heat to high and bring to a boil, then reduce heat and simmer uncovered for about 20 minutes until rice is tender.

While the rice is cooking, mix the whole milk with the condensed milk and stir well.

The rice will be ready when all the water has evaporated, forming some holes over the surface, like in the picture below.

Remove pot from heat. Pour the whole milk and condensed milk mix into the saucepan and stir. If you want to add the raisins or vanilla extract, you can add them now.

Return the saucepan to medium-high heat, cover it, and cook until it thickens. It will take about 5 to 10 minutes. Stir occasionally to avoid it from sticking to the bottom of the saucepan.

If the rice looks too dry for your taste, add ¼ cup of warm whole milk and stir. The end result has to look like a soft and creamy pudding.

If serving warm, place in small cups and sprinkle ground cinnamon. It can also be enjoyed cold.