Arroz con Leche recipe

3 cups whole milk
1 1/4 cups water
1 cup rice, short or medium grain
2 cinnamon sticks
1/4 teaspoon salt
1 (14 ounce) can sweetened condensed milk
1/2 cup raisins, soaked in warm water to soften
2 teaspoons vanilla extract
Butter for topping (optional)

Bring whole milk and water to a slow simmer in a large pot over medium/low heat. Stir in rice; add cinnamon sticks and barely simmer, uncovered, until rice is softened which should be about 20-30 minutes. Stir occasionally. When rice is soft, remove cinnamon sticks and stir in sweetened condensed milk, vanilla extract, salt and raisins. Return to a slight simmer and cook for an additional 10-15 minutes or until most of the liquid is absorbed and rice has a pudding-like consistency. Serve hot, topped with a sprinkle of cinnamon or butter.