In a large pot, heat milk over high heat until it's hot (not boiling). There should be tiny bubbles along the edge of the pan. Add in the rice and cinnamon stick/vanilla bean/orange rind. Reduce heat to medium. Stir constantly.
When the mixture starts to bubble, reduce heat to low. Stir occasionally (about every 10 minutes).
After about 20 minutes, when small bubbles are starting to form again along the edge of the pan, try the rice. If it's soft, add sugar while stirring. Now stir more frequently (every 4 or 5 minutes) for 10 to 15, until the mixture thickens. Remove cinnamon sticks/vanilla bean. Remove from heat. Add 1 teaspoon of vanilla extract.
Spoon into serving dishes, sprinkle with cinnamon, and refrigerate until serving. This dish is traditionally served cold, however we also enjoy it right after it's been made, while its still warm.