Wash rice thoroughly with water until liquids run clear.
In a medium sauce pan, mix rice water, cinnamon stick, and pinch of salt. Bring to a boil, then reduce heat to low and cook for about 30-40 minutes, until rice is very, very soft. Remove from heat and allow to cool down. Discard cinnamon stick.
Using a vitamix or blender, combine rice mixture with whole milk, condensed milk, and vanilla essence.
Serve in a glass with crushed ice, add a little condensed milk using squirt bottle, and dust with cinnamon powder