In a large bowl, combine the rice, cinnamon and water and allow this to soak for at least 4 hours, but preferably overnight.
Once soaked, add this to a blender, along with the sweetened condensed milk, evaporated milk, vanilla and sugar. Blend until the mixture is completely smooth, about 1–2 minutes.
Strain the blended mixture into a large pitcher, then add your milk of choice and stir.
Serve the horchata in individual glasses filled with ice and garnish with cinnamon sticks.
Enjoy!