Rinse the rice in some water to remove some of the starchiness (the water should start a little cloudy then clear up).
Put the rice in a small pan with the water, cinnamon stick and strip of lemon zest. Place over a medium-low heat and warm so the water simmers and is absorbed.
Add the milk, around ½ cup at a time to the rice and bring to a simmer but don't let it boil - reduce the heat if needed. Cook, stirring gently relatively frequently, so it doesn't stick to the bottom of the pan but also doesn't splash up the sides too much. Add more of the milk as the milk in the pan is almost absorbed.
As the last of the milk is almost absorbed, check that the rice is cooked. If needed, add a splash more milk. Let the rice absorb to a little drier-looking than you would want it then remove the heat.
Remove the cinnamon stick and strip of lemon zest then stir in the sugar so that it dissolves. If you prefer it sweeter, you can add a little more.
Serve either warm or let it cool to serve chilled, in both cases with a sprinkle of cinnamon on top.
Notes
If you want to serve it chilled, I'd suggest you divide it in to serving dishes when you make it, cover them and refrigerate once they have cooled and within an hour of being cooked, at most. Then top with cinnamon as you serve.