Arroz Con Leche (Rice Pudding)

In a small saucepan, combine the water, rice and cinnamon. Bring to a boil. Reduce heat; simmer, uncovered, for 15-20 minutes or until water is absorbed., Stir in milk and raisins. Bring to a boil. Reduce heat; simmer, uncovered, for 10-15 minutes or until thick and creamy, stirring frequently. Discard cinnamon. Serve warm or cold.