n a medium saucepan, combine rice, milk, water, and salt. Bring to a gentle simmer.
Reduce heat and simmer 30–35 minutes, stirring often, until the rice is tender and the mixture is creamy.
Stir in sugar, cinnamon, nutmeg, and raisins.
Whisk eggs in a small bowl. Temper with a ladle of hot pudding, whisking constantly.
Pour the warmed eggs into the pot, stirring continuously. Cook 2–3 minutes more.
Remove from heat. Stir in butter and vanilla.
Serve warm or chilled. Add cinnamon on top if desired.
TIPS FOR THE BEST RESULTS EVERY TIME
If the pudding gets too thick, stir in warm milk.
Don’t skip tempering the eggs.
Let it sit 10 minutes before serving so the texture settles.
Use whole milk for best flavor.