In a large pitcher combine the Water, Rice, and Cinnamon. Stir to combine.
Once cooled, place in the refrigerator overnight or for at least 12 hours.
Now you will separate the liquid from the solids using a fine mesh strainer. I typically place the strainer over my pitcher, this way the liquid goes right into my serving pitcher. I will also take a spoon and stir the rice in the strainer to try to get out all the yummy rice goodness. Discard the rice and cinnamon.
You should be left with cloudy cinnamon flavored water and there shouldn't be any pieces of rice. If you do still have rice pieces, you will need to strain it again.
Add the Evaporated Milk and Sweetened Condensed Milk to the pitcher, stir to combine. Refrigerate for another 4 hours.
Be sure to stir before serving. Serve chilled over ice. Enjoy!