Arroz con Leche (Rice and Milk) Recipe

In a large pot boil the milk and water over medium-low heat. Stir in rice and cinnamon sticks and simmer, covered until rice is soft (20-30 minutes). When rice is soft, remove cinnamon sticks and stir in condensed milk, vanilla, salt and raisins. Return to slight simmer and cook for 10-15 minutes. Serve hot with a sprinkle of cinnamon or butter.