- In a bowl, add rice, almonds, cinnamon stick and hot water. Allow the mixture to cool down completely before covering and refrigerating for a minimum of 8 hours. 
- After 8 hours, pour the contents of the bowl into a high-powered blender. 
- Add half of the condensed milk and blend for about 10 to 15 minutes until the rice and almonds are completely ground. 
- Place a strainer over a large bowl and line the strainer with two layers of cheesecloth.  
- Pour the contents of the blender over the strainer. 
- Strain all of the liquid into the bowl.  
- I like to bring the edges of the cheesecloth together into a parcel and squeeze the liquid out. 
- Remove strainer from the bowl and discard the rice and almond bits. 
- Add the remaining condensed milk, vanilla extract, milk and cold water into the bowl. Mix until fully combined. 
- Pour into individual glasses and serve with ice and a sprinkling of cinammon powder.