In a medium saucepan, add 3 cups of water, cinnamon sticks, and lemon peel and bring to a boil. Add 1 cup rice and turn heat to low. Cover and cook for 10 mins.
When rice is ready, add evaporated milk, condensed milk, and raisins (if using). Simmer uncovered for 20 mins.
Remove cinnamon sticks and lemon peel and allow rice to cool (it will thicken as it cools).
Sprinkle rice with ground cinnamon before serving. Enjoy warm or cold!
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