Add water, sugar, cinnamon sticks and rice to a large pot.
Cook over low-medium heat until rice is cooked per packaging (stir occasionally). Do not let the rice dry out!
Once rice is cooked add milk, constantly stirring bring to a boil.
When hot, reduce heat to low, add vanilla extract and ground cinnamon, stirring as you simmer, and add evaporated milk and condensed milk. Simmer, continuously stirring, until thick and creamy.
Sprinkle some ground cinnamon on top for decoration, serve and enjoy! Most people enjoy cold but it can be eaten hot. It should be around half liquid and never solid.
*Tip: You can add more milk in step 3 if you want to make it thinner, add more ground cinnamon or vanilla extract depending on your taste, and add more condensed milk if you want it sweeter. Some people add lemon or a pinch of salt to cut the sweetness. Others add raisins but I don't know why..