Arroz con Leche- A Mexican Rice Pudding

Bring whole milk and water to a slow simmer in a large pot, over medium/low heat. Stir in rice, add in 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 condensed milk, vanilla, 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.