Step 1

In a heavy bottomed, 3 quart sauce pan, combine the milk, water, sugar, cinnamon stick and rice. Stir to combine.

Step 2

Bring to an intense simmer (just below boiling) over medium high heat, stirring often. Reduce the heat to maintain a steady simmer and continue cooking, stirring often until the rice is tender, about 35 to 45 minutes. Some liquid will remain. The mixture should have the consistency of a thin oatmeal but will continue to thicken as it cools.

Step 3

Remove from heat and remove the cinnamon stick. Stir in the vanilla bean paste or vanilla extract and raisins, if using.

Step 4

Spoon the rice pudding into individual ramekins or small containers OR transfer to a large serving dish. Let the pudding cool slightly before serving or let cool to room temperature, cover tightly and refrigerate until ready to serve, up to 1 day in advance.

Step 5

Just before serving, top with freshly grated cinnamon or ground cinnamon. Pudding can be enjoyed warm or cooled.