01 -
In a large pot, combine milk, rice, sugar, cinnamon, vanilla, and raisins if using. Bring everything to a gentle boil over medium-high heat, giving it a stir now and then so nothing sticks to the bottom.
02 -
Once boiling, turn the heat down to low. Let it simmer for about 15-20 minutes, stirring occasionally and scraping the sides and bottom with a wooden spoon. You'll know it's ready when the mixture gets thick and creamy, and the rice is soft when you taste it.
03 -
Take the pot off the heat. Stir in the condensed milk and butter until they melt completely into the pudding. If it seems too thick, add a splash of milk (about 1/4 cup) to get the consistency you like.
04 -
Scoop the warm pudding into bowls. Sprinkle some cinnamon on top and add a few extra raisins if you want. Dive in while it's warm, or chill it first if you prefer cold rice pudding.