1. In a medium saucepan heat the water, milk, and salt over medium heat until nearly boiling. Stir in the uncooked rice and butter. Bring to boiling; immediately reduce heat to very low. Simmer, covered, for 25 to 30 minutes or until thick and nearly all of the liquid is absorbed, stirring every 5 minutes toward the end of cooking. Transfer rice to a medium bowl.

2. Meanwhile, for sauce, place the 1 cup half-and-half in a small saucepan. Using a paring knife, scrape seeds from the vanilla bean; add seeds to the half-and-half in saucepan. Heat just until boiling. In a medium bowl whisk together egg yolks and sugar. Gradually whisk in hot half-and-half; return all to the saucepan. Cook and stir over medium-low heat for 3 to 5 minutes or until sauce thickens and coats the back of a metal spoon.

3. Stir sauce into rice in bowl; cool for 30 minutes. Serve warm. (Or, cover and chill for several hours or overnight. If desired, just before serving, stir in additional half-and-half, 1 tablespoon at a time, until desired consistency.) If desired, dust with cinnamon.

*Smart Swap:

If you prefer, you can use 1 teaspoon vanilla extract instead of the vanilla bean; stir into sauce after thickening. If you're out of half-and-half or light cream, use whole milk instead.