Place the water in a medium saucepan and add the lime/lemon peels and 2 cinnamon sticks. Bring the water to a boil. Meanwhile, measure your rice and wash it. Once the water is boiling, add the rice, bring to a boil, and then lower to a simmer. Allow to simmer for about 15 minutes, until all the water is absorbed.
Once all the water is absorbed, transfer the cooked rice with the cinnamon sticks and lime/lemon peels to a bigger pot. Add the condensed, evaporated, and whole milk. Bring to a boil, and immediately lower the heat, to a medium-low. Frequently (about every minute) whisk the mixture to prevent it from sticking to the bottom of the pot. You are going to notice that the mixture starts to become thicker in viscosity. Keep stirring until you obtain the right consistency. It is going to take about 18-20 minutes.
Once done, remove from the heat, remove the lime/lemon peels and place in a bowl. Allow it to cool for about an hour putting it in the fridge. Unless you prefer to eat it warm, then do not put it in the fridge. Sprinkle cinnamon prior to serving and enjoy!