In a heavy kettle or sauce pan, combine milk, water, sugar, rice and cinnao=mon stick (optional)
Over medium heat, stir together and bring to just below boiling
Reduce the heat (like you would regular rice) and continue to cook
Stir frequently until the rice is tender - 30-45 minutes. Be sure to keep rice from sticking to the bottom of the kettle
Continue until the rice is done and there is still some liquid left.
Remember that the rice will thicken as it cools
Remove the cinnamon stick (if you added it)
Stir in vanilla
Add raising (optional)
Place in individual bowls or ramekins OR put in a large glass serving dish
Just before serving, sprinkle cinnamon on top (optional)
Serve warm or cold.