In a medium-sized pot, combine the rice and water. Bring to a boil over medium heat, then reduce the heat to low and simmer until the rice is tender and the water is absorbed, about 15 minutes.
Add the milk and sugar to the pot with the cooked rice. Stir well to combine.
Increase the heat to medium and cook, stirring frequently, until the mixture starts to thicken, about 15-20 minutes.
In a small bowl, dissolve the cornstarch in a few tablespoons of cold water.
Gradually add the cornstarch mixture to the pot, stirring constantly to prevent lumps from forming.
Continue to cook for another 5-10 minutes, or until the mixture is thick and creamy.
Stir in the vanilla extract and cook for another minute.
Remove the pot from the heat and ladle the sütlaç into individual serving bowls.
Allow to cool to room temperature, then refrigerate until chilled.
Before serving, sprinkle the sütlaç with ground cinnamon.
Enjoy your meal!