In a small saucepan, bring 1 cup of milk, sugar and water to a boil. Stir in the rice and reduce to a simmer, stirring occasionally until the rice is cooked and tender, about 20 minutes.

Preheat oven to 325, and spray a 1 ½ quart baking dish with nonstick cooking spray.

In a medium bowl, combine remaining cup of milk, eggs, raisins, vanilla and cinnamon, and stir in cooked rice. Pour into baking dish. Dot the top with butter. Bake, stirring twice, about 25 minutes.