In a pot, placed on the stove to medium heat, pour the condensed milk, water, evaporated milk, whole milk and cinnamon stick and let it all heat for 3 minutes.
Stir in the rice, salt and vanilla and mix. Stir using a wooden spatula and keep doing it non-stop until the milk turns a bit yellowish and thicker, that means the arroz con leche is ready.
Serve hot or chilled with some ground cinnamon con top.