Add the rice to a medium saucepan and rinse under cold water until the water runs clear. Drain properly and add 2 cups of warm water, cinnamon stick and salt. Stir lightly, cover and boil for 8-10 minutes. Note: place the lid at an angle to prevent the rice from boiling over.
Add milk, evaporated milk, condensed milk, and vanilla essence. Stir and cooking on a medium heat for 10 minutes, uncovered, stirring occasionally. Note: stirring regularly will prevent the mixture from creating "a milk skin" at the base of the pot as well as on the surface.
Add the dolce de leche/caramel treat, stir and cook for another 5-10 minutes, stirring occasionally. The rice pudding is ready once the rice is tender and the mixture has thickened. Note: the mixture will continue to thicken as it cools down so keep this in mind.
Dish up immediately, if you'd like to enjoy this warm. Garnishing with a dusting of ground cinnamon. You can also serve this with vanilla ice cream, of course!