1. In a saucepan, heat milk and water.
2. Add rice, bring to a boil, lower heat to simmer; stir mixture every 10 minutes. Cook covered until rice is tender, about 30 minutes. Make sure heat is very low for this step and watch for boil-overs.
3. In a large bowl, mix eggs, 3/4 cup evaporated milk, vanilla, and sugar. Set aside.
4. Add remaining 1/4 cup evaporated milk to rice mixture.
5. Spoon 1 cup of rice mixture into egg mixture and stir. Pour egg-rice mixture into remaining rice.
6. Heat pudding until it boils, stirring continuously. Remove from heat, and sprinkle with cinnamon.