Combine the rice, water, butter and salt in a large pot. Bring to boil and simmer until the rice has absorbed most of the water. This will take about 10 to 15 minutes.
1 cup Arborio rice, 2 cups water, 2 teaspoon butter or oil, 1 teaspoon salt
Add the milk, cream, sugar or condensed milk, and vanilla to the rice. Simmer the mixture until the milk and cream has reduced and has been absorbed by the rice. Stirring every minute or so to ensure the rice does not stick to the bottom of the pot. This will take about 30 to 35 minutes.
2 cups milk, ½ cup heavy cream, ¾ cup sugar or, 240 grams condensed milk, 1 teaspoon vanilla extract
Allow the rice pudding to cool before serving. To prevent skin from forming on the top of the pudding, place a piece of cling film or plastic wrap on the top of the pudding, patting it down so that it makes contact with the top of the pudding.
Serve the pudding warm or cold, with a dash of cinnamon, some chocolate shavings, a dollop of jam and perhaps some fresh berries.