In a small bowl combine the raisins and rum or apple juice; set aside.
In a heavy medium saucepan combine milk, uncooked rice, and stick cinnamon. Bring to boiling. Reduce heat and simmer, covered, about 20 minutes or until rice is tender. Remove stick cinnamon.
Drain raisins; discard rum or apple juice. Stir raisins, sugar, and vanilla into rice mixture. Sprinkle with ground cinnamon. Serve warm or chilled. Makes 3 cups (6 servings).