Rinse the rice under cold water in a fine mesh strainer until the water runs mostly clear. Set aside.

Add the rinsed rice, cinnamon sticks, and 2 cups water to a medium saucepan. Bring to a boil over medium-high heat, then reduce to low, cover, and cook 10 minutes.

Add the whole milk and lemon peel. Stir and bring to a gentle simmer over medium heat. Do not increase heat.

Cook uncovered on medium-low for 20 minutes, stirring every 3 to 4 minutes, until the mixture is visibly thick and creamy.

Stir in the sweetened condensed milk, vanilla extract, and salt. Cook 5 more minutes, stirring constantly.

Remove cinnamon sticks and lemon peel. Ladle into bowls and dust generously with ground cinnamon. Serve warm or refrigerate with plastic wrap pressed directly onto the surface.