1 - In a small pot, add water and cinnamon sticks, bring to a boil and cook for 10 minutes.

2 - Set aside and discard cinnamon sticks.

3 - Place the rice and the cinnamon water in a large saucepan, over medium heat and cook for 5 minutes.

4 - Add salt, butter, vanilla extract, 2 cups of milk, and sugar.

5 - Stir well to mix and cook uncovered for approximately 15 minutes.

6 - Reduce heat to medium low.

7 - Add the remaining milk and condensed milk.

8 - Stir with a wooden spoon.

9 - Cook for 1 hour and 15 minutes, or until the rice pudding thickens to desire consistency.

10 - Stir well and remove from heat, and let it cool at room temperature.

11 - The consistency should be very creamy.

12 - Refrigerate for a least 1 hour or overnight.