Rinse the rice under cold water until the water runs clear.

In a large saucepan, combine rice, water, and cinnamon stick. Bring to a boil.

Reduce heat to low, cover, and simmer until water is absorbed.

Add milk and sugar to the rice. Cook over medium heat, stirring constantly until the mixture thickens.

Remove from heat, stir in vanilla extract.

Serve warm or chilled, garnished with ground cinnamon.