In a medium heavy saucepan bring milk just to boiling, stir in uncooked rice and raisins. Cook, covered, over low heat for 30-40 (45-50 for long grain brown) minutes or till most of the milk is absorbed, stirring occasionally. (Mixture may appear curdled.)
Remove saucepan from heat. Stir in sugar and vanilla and cinnamon. Spoon into dessert dishes. Serve warm or chilled.