In a medium sauce pan, combine rice, water, sugar and cinnamon stick and bring to a boil. Reduce heat, cover and simmer 20 minutes. Discard cinnamon stick.
Combine milk, egg yolks and dulce de leche and stir into rice. Simmer over low heat 20 minutes, stirring occasionally, until thick and creamy. Serve warm topped with whipped cream, almonds, and cinnamon, if desired.